Institutional Property Advisors Arranges $62 Million Acquisition Financing for Northern California Multifamily Asset
September 15, 2023
SAN JOSE, Calif., Sept. 15, 2023 – IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), specializing in capital markets services for major private and institutional clients, arranged $62,139,000 in acquisition financing for DUO Apartments, a 301-unit multifamily asset in San Jose, California.
IPA Capital Market’s Brian Eisendrath, Cameron Chalfant and Jake Vitta originated the financing on behalf of the borrower. IPA’s Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest.
The 10-year, interest-only, government-sponsored loan is fixed at 5.37%. The loan-to-value is 65%. Built on 4.6 acres in 2020, DUO Apartments is 11 miles from Downtown San Jose. The Santa Teresa light rail station is within walking distance and U.S. Route 101 and State Route 85 are nearby.
IPA Capital Market’s Brian Eisendrath, Cameron Chalfant and Jake Vitta originated the financing on behalf of the borrower. IPA’s Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest.
The 10-year, interest-only, government-sponsored loan is fixed at 5.37%. The loan-to-value is 65%. Built on 4.6 acres in 2020, DUO Apartments is 11 miles from Downtown San Jose. The Santa Teresa light rail station is within walking distance and U.S. Route 101 and State Route 85 are nearby.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.