Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $5.9 million nonrecourse loan with a government-sponsored enterprise to refinance 23 Palms, a 42-unit multifamily property located in the Edgewater submarket of Miami, Florida. The loan included cash-out to the borrower.

“Situated within a highly desirable location, 23 Palms is a well-managed property that maintains excellent occupancy,” said Robert Bhat, vice president capital markets in MMCC’s Miami office. “We were able to take advantage of the low-rate lending environment to secure 4.65 percent for 10 years with three years of interest-only.”

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. Through its network of national, regional and local lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. In 2017, MMCC closed over 1,700 commercial real estate financing transactions totaling $5.63 billion. To learn more, please visit: www.mmCapCorp.com