IPA Capital Markets (Institutional Property Advisors), a division of Marcus & Millichap, specializing in capital markets services for major private and institutional clients, announced the $37 million refinancing of Dane Park, a luxury 392-unit multifamily property in Grapevine, Texas.
Brian Eisendrath, executive managing director, and Cameron Chalfant, senior managing director, based in IPA Capital Markets’ Los Angeles office secured the financing with M&T RCC on behalf of a private investor. Terms of the five-year loan include 6.23% interest only and a spread of 1.68%.
Dane Park has two locations and is pet-friendly with several dog services, including onsite daycare, grooming and concierge services. It also features a massive 15,000 square foot covered dog park. Additional amenities include stainless steel appliances in every unit, a cross-fit gym equipped with Peloton bikes, an indoor basketball court, and a brand new entertainment lounge. Services offered include concierge service, controlled access, on-site laundry facilities, a clubhouse, and a business center. Outside, residents enjoy a resort-style pool plus hot tub, a BBQ and picnic area, walking trails connected to the Run Mill Trail, and wide, tree-shaded green areas.
IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
