Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $4.025 million for the refinancing of a multifamily property located at 3105 Swan Avenue in Yakima, Washington.
Tammy Linden, first vice president capital markets, assisted in the acquisition of this property through bridge loan financing that allowed the investor to satisfy their 1031 Exchange requirements by meeting both purchase price and debt requirements. After closing on this loan, rents were increased and expenses controlled which enabled Ms. Linden to source new loan with a local portfolio lender as interest rates began rising again.
Ms Linden was able to negotiate with lender for 90-day lock-in period on interest rate while underwriting new NOI with sufficient proceeds from loan to retire bridge loans terms included 592% interest rate amortized over 30 years and 65% LTV ratio .
