Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $3.4 million in financing for the acquisition of Harbor Pointe, a 32-unit multifamily property located at 610-660 North Spring Street in Port Washington, Wisconsin.
Michael Hughes, managing director in MMCC’s Milwaukee office secured the financing with a local credit union on behalf of a local investment firm that specializes in sourcing and operating value-add multifamily opportunities throughout Wisconsin.
“Harbor Pointe Apartments is a strategic value-add acquisition for our client, expanding their existing presence in a strong rental market while now being able to offer a unique large townhouse unit type,” said Hughes. “We are pleased to have secured a 5-year fixed rate loan, with 18 months of interest-only payments and a 30-year amortization, allowing our client to execute their business plan.”
The property consists of four apartment buildings and four detached parking garage buildings with 8 stalls each.It is 30 minutes from downtown Milwaukee via Interstate-43 North.
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.
