MONUMENT, Colo.--(BUSINESS WIRE)--
Marcus & Millichap (NYSE: MMI) today announced that its financing subsidiary, Marcus & Millichap Capital Corp. (MMCC) arranged $48,128,800 in financing via the HUD 223(f) permanent loan program for the purchase of Vistas at Jackson Creek, a 267-unit multifamily property located in Monument, Colorado. Marcus & Millichap also brokered the property sale on behalf of the buyer, a private investment entity that purchased the asset for $57,820,990.
“This is the largest single permanent HUD-insured loan closed in Colorado in the past 12 months,” said Phillip Gause, vice president capital markets in MMCC’s Denver office. “We worked closely with one of our exclusive correspondent capital partners, PGIM Real Estate Finance, to deliver exceptional terms and put our client in position to close weeks ahead of schedule. The property also qualified for HUD’s Green MIP Reduction program, which improves the borrowers’ cash flow substantially.”
The nonrecourse debt placement was structured with a 35-year fully amortizing loan term and a fixed interest rate of 3.49 percent.
“This transaction is a testament to the power of PGIM Real Estate Finance and Marcus & Millichap’s partnership,” commented Richard Katzenstein, MMCC senior vice president and national director. “We were able to provide a full-service experience for our clients, and add additional capabilities to our team.”
Gause arranged the loan on behalf of a private investment group in a 1031 exchange. Nick Steele, senior associate, and Jacob Steele, first vice president investments, exclusively represented the group on the sale of its relinquished property as well as on the acquisition of Vistas at Jackson Creek.
Built on more than 14 acres in two phases in 2014 and 2016, Vistas at Jackson Creek is located south of downtown Monument off Jackson Creek Parkway, approximately one-half mile east of Interstate 25.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. Through its network of national, regional and local lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. In 2016, MMCC closed over 1,650 commercial real estate financing transactions. To learn more, please visit: www.mmCapCorp.com
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