Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $21.75 million for the refinancing of Tellus on Dexter Apartments, a luxury 98-unit multifamily property located at 403 Dexter Avenue North in Seattle, Washington.
Bradley Buzil, senior director in MMCC’s Los Angeles office, secured the financing with a California-based investment firm on behalf of a private client.
“With a maturing loan coming due, the borrower was seeking a cash-neutral refinance that offered flexibility during the initial term,” said Buzil. “This transaction was a significant achievement for the borrower and all parties involved, especially given the many complexities of the placement.”
Tellus on Dexter is a pet-friendly property is within walking distance of the Space Needle and features a mix of one- and two-bedroom units. Amenities include a fitness center, in-unit laundry, rooftop terrace with a grill, lounge, and a secure bike room and storage.
Marcus & Millichap is a complete brokerage offering investment sales, financing, research and advisory services. Our comprehensive suite gives our clients the information and guidance they need to build a solid investment strategy, which helps our firm close a transaction every 15 minutes of every single business day.
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.73 billion.
