Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $53 million for the refinancing of Inverrary Village and Royal Palms, two multifamily properties located in Lauderhill, Florida.
Robert Bhat, senior managing director in MMCC’s Miami office secured agency financing on behalf of a private client.
“Royal Palms and Inverrary Village are two adjacent properties totaling 488 apartment units located off Oakland Park Blvd in Lauderhill,” said Bhat. “We were able to secure a cash-out refinance with two years interest only on a 5-year term with an interest rate of 5.90% given the properties are well maintained and have experienced management.”
Inverrary Village, located at 2979 NW 56th Avenue, offers a mix of one- and two-bedroom units and offers on-site amenities including laundry facilities, a playground and parking. Royal Palms, located at 2910 Northwest 56th Avenue, offers a mix of one- to three-bedroom units. On-site amenities include a swimming pool, laundry facilities, elevators and a playground.
