Marcus & Millichap’s IPA Capital Markets Arranges $27.8 Million Refinancing for Northern California Multifamily Community
March 25, 2025
SANTA ROSA, Calif., March 25, 2025 – IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), specializing in capital markets services for major private and institutional clients, announced today the $27.8 million refinancing of Pullman Modern Urban Apartments, a newly constructed, 114-unit multifamily community located at 725 Wilson Street, 755 Wilson Street, and 85 8th Street in Santa Rosa, California.
Gary Mozer, executive managing director with IPA Capital Markets, secured a 36-month, full-term interest-only, floating rate non-recourse loan on behalf of Phoenix Development Company.
The recently completed transit-oriented development is comprised of three separate buildings with resort-style amenities. Situated near area transit, the community offers affordable living in the heart of the Santa Rosa community.
“This deal presented significant challenges with the existing financing coming due and a delay in construction completion due to COVID-related cost overruns, fire and water damage and local ordinance approvals,” said Mozer. “We are eager to see the project reach stabilization and witness the positive impact it will have on the area.”
The project is currently in lease-up with stabilization estimated towards the end of 2025.
Gary Mozer, executive managing director with IPA Capital Markets, secured a 36-month, full-term interest-only, floating rate non-recourse loan on behalf of Phoenix Development Company.
The recently completed transit-oriented development is comprised of three separate buildings with resort-style amenities. Situated near area transit, the community offers affordable living in the heart of the Santa Rosa community.
“This deal presented significant challenges with the existing financing coming due and a delay in construction completion due to COVID-related cost overruns, fire and water damage and local ordinance approvals,” said Mozer. “We are eager to see the project reach stabilization and witness the positive impact it will have on the area.”
The project is currently in lease-up with stabilization estimated towards the end of 2025.
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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.