Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $13,390,000 for the financing of Briar Grove Apartments, a luxury multifamily property located at 2342 Sweet Parkway Road in Decorah, Iowa.
Robert Bhat, senior managing director in MMCC’s Miami office secured the financing on behalf of a private client.
“Briar Grove is a newly built 92-unit multifamily property in Decorah,” said Bhat. “We are pleased to have secured a 5-year non-recourse loan with an interest rate of 5.48% and 3 years of interest-only payments. The loan to value was 65%.”
The property features a mix of studio to two-bedroom units and is located adjacent to the new Toppling Goliath Brewery & Taproom, near IA-9 and Decorah Municipal Airport, and is less than 5 miles from downtown Decorah. Amenities include in-unit washer & dryer, stainless steel appliances, and an on-site fitness center.
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.
