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$42 Million Multifamily Portfolio Refinancing Arranged by IPA

September 26, 2019
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NEWPORT BEACH, Calif., Sept. 26, 2019 – IPA Capital Markets, a division of Marcus & Millichap Capital Corp., announced today that Michael Derk, IPA senior managing director capital markets and Nick Gray, MMCC vice president capital markets, arranged $42,080,000 to refinance three apartment assets in Southern California.

 

“We received higher than market leverage on a full-term, interest-only basis,” commented Derk. “Based on our relationship with the lender, we were able to waive all reserves for the borrower, and the whole portfolio was nonrecourse.” The financing includes 10 years of interest only at 3.42%. The properties are in Westminster, Hawthorne and Panorama City, California. The unit total is 238.

 

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With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.

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