IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), specializing in capital markets services for major private and institutional clients, announced today the $37.25 million financing for the construction of The Parker Aiken Apartments, a 14-building, 336-unit multifamily development in Aiken, South Carolina.
The New York-based IPA Capital Markets team of Max Herzog, Marko Kazanjian and Andrew Cohen secured the financing with Protective Life Insurance Company on behalf of NYC-based developer JEM Holdings.
“Because of JEM’s strong track record alongside a market ripe for future development like Aiken, our team was able to attract interest from life companies,” said Herzog. “We ultimately secured a construction-to-permanent loan on strong terms from Protective Life.”
Terms of the seven-year loan include a competitive fixed interest rate and a loan-to-cost of 60%.
The 30-acre property will include a clubhouse with fitness center, recreation, co-working spaces, an outdoor grilling and eating area, a pool and lounge area, a dog park, a leasing office, and a covered mail kiosk.
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets
