Apartment City

Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite . Get your Free Trial here. CHARLOTTE, N.C.--(BUSINESS WIRE)-- Marcus & Millichap (NYSE: MMI) today announced that its financing subsidiary, Marcus & Millichap Capital Corp . (MMCC), has arranged $35.8 million in refinancing for Aurora Apartments in Charlotte, North Carolina. The loan was structured with an adjustable interest rate over a seven- year term amortized over 30 years. “MMCC has an existing relationship with the borrower who sought our services based on our reputation as a low-cost provider and our ability to execute complex financing transactions flawlessly ,” said Richard Katzenstein, senior vice president and national director , MMCC. “Leveraging our partnership with PGIM Real Estate Finance , we were able to provide a low- cost capital solution with attractive terms well beyond what the borrower was able to find elsewhere in the marketplace. In addition, MMCC’s e...

Fort Worth Business obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm . Country Oaks apartments in Weatherford sold The 64- unit Country Oaks apartments in Weatherford has been sold to Mercury Metroplex Real Estate VI LLC . Marketing the property on behalf of Weatherford Country Oaks LLC were Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel Co. MANSFIELD RETAIL PROPERTY SOLD Cheney Center in Mansfield, a 11,375-square- foot retail property at 640 West Debbie Lane , has been sold to an undisclosed buyer. Philip Levy of Marcus & Millichap Real Estate Investment Services’ Fort Worth office marketed the property on behalf of the seller, a private investor. At closing, the center was 83 percent occupied. Tenants include Comet Cleaners , Habaneros, Lucy Donuts, Fuji Foot Spa, Allstate, Edward D. Jones and Uncle Bo’s Hamburgers. SALES The Fort Worth building originally constructed fo...

Marcus & Millichap (NYSE: MMI) announced today its Institutional Property Advisors (IPA) Capital Markets group has arranged $32.5 million in bridge financing for Terra Willow Glen , a 112-unit apartment property constructed in 1979 in San Jose, California. The loan-to-cost was 73 percent. “The borrower purchased the asset in cash, six months prior to exploring value- add financing options ,” said Jake Roberts, a senior managing director of IPA Capital Markets . “This is an incredibly unique property that offers a resort-like setting but has few comps, which can make it more difficult to secure value-add debt given the fact that lenders don’t like to stretch on proceeds if a property isn’t easily comparable to other assets in the market.” Roberts, along with Anita Paryani-Rice, a first vice president of IPA Capital Markets, arranged the loan on behalf of the borrower, who is a repeat client. “Initially the borrower planned to take a lower leverage bridge loan option at lower pri...

SAN JOSE, Calif.--( BUSINESS WIRE )--Marcus & Millichap (NYSE: MMI) announced today its Institutional Property Advisors (IPA) Capital Markets group has arranged $32.5 million in bridge financing for Terra Willow Glen , a 112-unit apartment property constructed in 1979 in San Jose, California. The loan-to-cost was 73 percent. “The borrower purchased the asset in cash, six months prior to exploring value- add financing options ,” said Jake Roberts, a senior managing director of IPA Capital Markets . “This is an incredibly unique property that offers a resort-like setting but has few comps, which can make it more difficult to secure value-add debt given the fact that lenders don’t like to stretch on proceeds if a property isn’t easily comparable to other assets in the market.” Roberts, along with Anita Paryani-Rice, a first vice president of IPA Capital Markets, arranged the loan on behalf of the borrower, who is a repeat client. “Initially the borrower planned to take a lower l...

La Mirage: hilltop site a few blocks from Qualcomm Stadium The Irvine Co. has bought an upscale apartment complex in Mission Valley — the company’s largest single-property acquisition of the year. The Newport Beach- based real estate investor and developer recently closed on the purchase of La Mirage, a 1,410- unit apartment complex just off Interstate 15. The 74- acre hilltop site is a few blocks from Qualcomm Stadium. La Mirage was bought from Chicago- based apartment owner Equity Residential . A sale price for the transaction, which was completed late last month, was not disclosed. The tab would come to about $ 350 million based on a per- apartment price of about $250,000 — the going rate for high- end rental properties in the region. That estimate would put the deal among the most expensive seen in San Diego this year. The county’s priciest real estate sale of any type this year is reported to be La Costa Resort and Spa in Carlsbad. Dallas-based Omni Hote...