Institutional Property Advisors, a division of Marcus & Millichap, specializing in capital markets services for major private and institutional clients, announced the $30.5 million construction financing of Brooks North Apartments, a ground-up development of a fully amenitized three- and four-story luxury, garden-style apartment community and clubhouse.
Frank Montalto, managing director in IPA Capital Markets’ Chicago office, secured the financing with a regional lender on behalf of his client, a local development company focused on sustainable development throughout North Carolina.
“Our team has been extremely active in construction and full capital stack originations,” said Montalto. “Given our volume and activity, we’re experts in creating a market around every project to procure market leading structures to effectuate our clients’ business plan.”
With anticipated completion in summer 2025, Phase I of Brooks North Apartments will be comprised of 244 units of the 340 unit phased development. Community amenities include a fitness center, pool, cabana clubhouse and a Bark Park.
Earlier in June, Montalto arranged the $72.5 million refinancing of La Vista City Centre, a growing master-planned multifamily, office and retail development in La Vista, Nebraska. Montalto secured the financing on behalf of City+Ventures and the City of La Vista. The property consists of 392 luxury units, 32,878 square feet of retail space, and 64,883 square feet of office space.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
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.
