Marcus & Millichap’s division, IPA Capital Markets (NYSE: MMI), recently announced the successful financing of a student housing property near the University of Michigan. The property, located at 1700 Geddes Ave in Ann Arbor, consists of 62 units and was acquired for $16,975,000.
The IPA Capital Markets team based in Manhattan – Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen – secured the financing through A10 Capital on behalf of Havenly Ventures. This New York City-based real estate investment firm specializes in value-add acquisitions within the student housing sector.
According to Hulsh from IPA Capital Markets,”We were able to secure competitive bridge financing with a lender that offered maximum flexibility for our borrower to execute their business plan.” The plan involves converting oversized two-bedroom units into four-bedroom units by switching from per-unit metering to bed-by-bed charging.
This announcement was originally published on Connect CRE.
