Marcus & Millichap arranges $11.4 million acquisition and renovation financing for Harbor Ridge Apartments in Port Washington, Wisconsin

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Harbor Ridge Apartments
Marcus & Millichap Capital Corporation arranged $11,390,000 in acquisition and renovation financing for Harbor Ridge Apartments in Port Washington, Wis.

Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $11,390,000 in acquisition and renovation financing for Harbor Ridge Apartments, a 102,985-square-foot, 112-unit multifamily development located at 1022-1089 Westport Drive in Port Washington, Wis.

The financing was secured by Michael Hughes, First Vice President, Capital Markets, based out of the MMCC Milwaukee office.

“Our remarkable team was able to secure a 24-month interest-only, 90-day rate lock loan with a renovation escrow, allowing the client to both acquire the asset  as well as commence much-needed renovations throughout,” said Mr. Hughes.

The MMCC team secured a 5-year, 24-month interest-only acquisition and renovation loan featuring a 4.75 percent interest rate and an 80 percent LTV.