Marcus & Millichap Capital Corporation recently facilitated financing for two apartment communities in the Las Vegas area. The first property, Maryland Park, is a 135-unit multifamily complex located at 1101 Dumont Boulevard in Las Vegas. MMCC’s Michael Derk secured a $6.2 million refinancing from a credit union on behalf of a private client. The loan has favorable terms including an interest rate of 6%, a 30-year amortization period, and only requires the borrower to put up half of the property’s value.
Maryland Park is situated near the University of Nevada Las Vegas and boasts one-bedroom apartments within its gated community.
In addition to this transaction, MMCC also arranged $5.1 million for another refinance deal at Katie Court Apartments -a 107-unit multifamily property located at 3890 South Cambridge Street in Las Vegas- with Derk securing financing from another local credit union on behalf of their private client as well.
Similar to Maryland Park, Katie Court offers attractive terms such as an interest rate of just six percent over ten years with thirty years to pay off the debt and only requiring fifty percent equity stake by borrowers; all while being conveniently close by popular attractions like The Strip and offering studio or one-bedroom units for tenants’ enjoyment.
This news was originally reported on Connect CRE.
