IPA Capital Markets, a division of Marcus & Millichap, has successfully secured $67 million in financing for a 441,713-square-foot industrial park located in Auburn, Washington. The debt has been structured with a three-year floating rate and boasts an impressive loan-to-value ratio of 65 percent.
According to Gary Mozer, Executive Managing Director at IPA Capital Markets: “This exceptional Class A spec-built industrial project features an attractive design and is situated in a submarket with extremely low vacancy rates.” He further added that their client had initially invested $66 million into the property as all-cash. However, through this deal they were able to secure over 100% cash-out financing. Despite the availability of competitive capital for high-quality real estate projects like this one and strong sponsorship support from our client’s end; it was only after undergoing rigorous competition that we were able to achieve such favorable market terms. These include minimum interest payments for the first twelve months which was crucial given our client’s plans to quickly lease-up the property before arranging permanent loan take-out financing.
This successful transaction highlights IPA Capital Market’s expertise in providing top-notch capital markets services tailored specifically towards major private and institutional clients across various industries.
