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• Willowglen Apartments • Napa • California •

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$32.5 Million Multifamily Bridge Loan Arranged by Marcus & Millichap’s IPA Capital Markets

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...

Marcus & Millichap : $32.5 Million Multifamily Bridge Loan Arranged by Marcus & Millichap’s IPA Capital Markets

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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...