Marcus & Millichap, a leading provider of commercial real estate capital markets financing solutions, arranged $8 million for the refinancing of Fremont Villas, a 138-unit multifamily community in Las Vegas, Nevada.
Fremont Villas were built in 1998 and are located within walking distance of the Las Vegas Strip and consists of all one-bedroom units. On site amenities include a seasonal outdoor pool, a spa, a courtyard, laundry and a business center. Units feature 1-bed/1-bath floorplans averaging 550 square feet.
Michael Derk, executive managing director in MMCC’s Nashville office secured the financing with a local credit union on behalf of a private client. Terms of the 10-year loan include a 5.95% interest rate with 30-years amortization and a loan-to-value of 45%.
“This transaction was part of a three-property portfolio we financed for a long-term client who has developed a substantial multifamily portfolio in Las Vegas,” said Derk. “We worked with 19 different lenders to offer the client a comprehensive view of the financing market, including options from agencies, banks, and credit unions. Ultimately, one lender stood above the rest in terms of the most competitive terms for proceeds, interest rate, and prepayment, as well as ensuring the highest level of execution for this deal.”
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.
