Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $9,880,000 non-recourse loan to acquire an 89-unit multifamily property located near Miami International Airport in Miami’s “Flagami” neighborhood.

“This property historically maintains a strong occupancy due to its central location and proximity to the airport,” said Robert Bhat, first vice president capital markets in MMCC’s Miami office. “The sellers recently renovated most of units; installed new floors and upgraded the kitchens. The buyer is a very experienced local real estate developer/investor who locked in the purchase contract at the height of the pandemic. We were able to secure a 12-year fixed rate at 3.45% with the first four years interest-only, followed by a 30-year amortization.”

About Marcus & Millichap Capital Corporation

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 2019, MMCC closed over 1,900 commercial real estate financing transactions totaling $7.1 billion. To learn more, please visit: www.mmCapCorp.com.