Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $9.8 million in bridge financing for Tabor Lake Apartments, a 97-unit market-rate multifamily property located at 12100 44th Avenue in Wheat Ridge, Colorado just outside of Denver.
Phillip Gause, senior managing director in MMCC’s Denver office, placed the financing with a regional bank on behalf of a local developer who recently converted the property from its former use as a Howard Johnson motel.
“This Tabor Lake property is a well-executed, thoughtful addition of much-needed attainable housing inventory in one of Denver’s most desirable suburbs,” said Gause. “We are pleased to be able to assist the sponsors in their efforts to create a vibrant, sustainable workforce housing community by facilitating a new relationship with a balance-sheet lender who understood their business plan for the lease-up of the property and provided a compelling solution to their financing needs.”
Terms of the three-year loan include 12 months of interest-only payments at a competitive fixed rate with a 30-year amortization period thereafter, a low in-place debt yield requirement and a flexible prepayment premium.
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 2024, MMCC closed 1,249 transactions totaling $9.1 billion.
