Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $2,568,000 in financing for the acquisition of a 34-unit multifamily property located at 1 South View Street in Aurora, Illinois.
Michael Hughes, first vice president in MMCC’s Milwaukee office secured the financing with a local credit union on behalf of a real estate development company.
“We were successful in identifying several qualified competitive lenders that were comfortable with the value-add nature of the project and the syndication ownership structure of the borrower,” said Hughes. “Ultimately, we closed in a timely fashion and delivered positive results to our client.”
Terms of the five-year loan include a 7.39% interest rate with 30-years amortization. The property features a mix of studio to two-bedroom units and is located just four blocks from downtown, with several metro stops nearby.
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. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.73 billion. To learn more, please visit: marcusmillichap.com/financing.
