Marcus & Millichap Capital Corporation, a leading provider of commercial real estate capital markets financing solutions, arranged $3,250,000 for the refinancing of The Pines and, two multifamily properties located at 4605 Georgia Pines Drive in West Palm Beach, Florida and 3864 Coconut Road in Palm Springs, Florida, respectively.
Steve Goldwyn and David Purisch, both first vice presidents, capital markets, based out of MMCC’s Ft. Lauderdale office secured the financing.
“Despite the increasingly difficult property insurance environment in South Florida, we were able to identify a life insurance company that did not require windstorm coverage and had no deposit covenants,” noted Goldwyn. “The lender ultimately delivered a long term, fixed rate loan with a very attractive interest rate. This is another example of the power of the MMCC platform to deliver above average results on behalf of our clients.”
Terms of the 25-year loan include a 5.75% interest rate with a 25-year amortization.
