Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $6 million for the refinancing of a Daytona Multifamily Portfolio consisting of Fairways Apartments and River Breeze Apartments, two multifamily properties located at 1350 Virginia Avenue in Daytona Beach, and 2140 South Palmetto Avenue in South Daytona, respectfully.
Garrett Fierstein, senior director in MMCC’s Orlando office, secured the financing for the Daytona Multifamily Portfolio with a local credit union on behalf of a private client.
“Our client chose to pursue a capital partner that offered less restrictive insurance requirements,” said Fierstein. “The lender refinanced the deal pre-stabilization and provided our client the opportunity to repatriate equity.”
Fairways Apartments was built in 1990 and features 24 two-bedroom units and offers on-site laundry. River Breeze Apartments was built in 1971 and consists of 48 two-bedroom units, also offering on-site laundry.
The properties are conveniently located with easy access to I-95 and I-4. Greater Daytona refers to an expansive region stretching from the Halifax River in the east to the outskirts of DeLand in the west. This region encompasses much of Daytona Beach, including the sprawling Tiger Bay State Forest.
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.
