Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $8,965,000 for the refinancing of North Point Apartments, located at 3201 Thomas Street and Grand Oak Apartments, located at 3431 North Trezevant Street in Memphis, Tennessee.
Garrett Fierstein, senior director in MMCC’s Orlando office secured the financing with an out-of-state credit union on behalf of a private client. Terms of the 10-year loans include a 6.75% fixed interest rate with 30-years amortization and a loan-to-value of 70%.
“We explored multiple types of lenders before landing on the credit union we ultimately partnered with,” said Fierstein. “The client was provided a strong rate, flexible prepayment penalty and reduced insurance requirements.”
North Point Apartments, previously known as Shannon Falls, was built in 1954 and feature 88 garden-style units including one- and two-bedroom units across two stories. The property is located five miles from downtown Memphis.
Grand Oak Apartments, previously known as Trezevant Apartments, was built in 1966 and features 62 garden-style units with a mix of one- to three-bedrooms across two stories. The property was renovated in 2019. It is located eight miles from downtown Memphis. The community is pet-friendly.
Amenities at both properties include a courtyard, clubhouse, fitness center, playground, on-site parking, and on-site laundry facilities. Both properties have been renamed after closing.
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.
