Marcus & Millichap : MMCC Arranged Loan and M&T Provided Capital for $16.8 Million Multifamily Property in Tulsa
Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $16.78 million in refinancing for the Park at Forest Oaks, a 440-unit multifamily property in Tulsa, Oklahoma. The capital was provided by M&T Realty Capital as part of a recently created strategic alliance between the two firms, which allows MMCC to provide clients with greater access to M&T’s affordable and conventional multifamily financing. The financing on the transaction was exclusively arranged by Todd McNeill, senior managing director.
“The alliance allows both firms to provide clients with optimized capital markets solutions for multifamily assets across the US,” said Paul Lewis, Senior Vice President and National Director of Agency Programs with Marcus & Millichap Capital Corporation. “By working directly with M&T, MMCC originators can deliver efficiency, transparency and a highly competitive process that benefits clients for the long term.”
“Our client identified this asset out as a long-term investment and wanted to take advantage of the rate environment. As multi-family fundamentals have continued to accelerate, the economics were favorable to retire an existing Agency loan with a cash-out refinance loan to undertake property renovations and return capital to its investors,” said McNeill. “Through our strategic alliance with M&T, we were able to deliver a seamless and highly competitive solution that gave the client ample liquidity to execute on their capital plan.” McNeill continued, “in a rapidly shifting capital market, the ability to access a streamlined process and resources provided by an experienced multifamily lender is critical.”
The 10-year, 75-percent LTV loan was secured with an interest rate of 3.41 percent and has a 4-year interest-only period. The 307,400-square foot property was built in 1978 and renovated in 2015. It is well-positioned near local restaurants, businesses, and schools, such as Oral Roberts University.
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. 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 2020, MMCC closed 1,943 transactions totaling $7.67 billion.
To learn more, please visit: www.marcusmillichap.com/financing
About M&T Realty Capital Corporation
M&T Realty Capital Corporation (www.mtrcc.com) is a wholly-owned subsidiary of M&T Bank Corporation—one of the 20 largest US-headquartered commercial bank holding companies. As a full-service mortgage banking company, it specializes in providing competitive financing nationwide for commercial real estate. It is a fully accredited Fannie Mae DUS® lender, a Freddie Mac Optigo® lender, an approved FHA/HUD MAP and LEAN lender, and offers life insurance company and CMBS financing through correspondent relationships. In addition to its M&T Bank offices, MTRCC is also closely aligned with M&T commercial banking offices in Florida, Oregon, and Washington.
Equal Housing Lender. NMLS #1024366. M&T Realty Capital Corporation is a wholly owned subsidiary of M&T Bank, Member FDIC. “DUS®” is a registered trademark of Fannie Mae. “Optigo®” is a registered trademark of Freddie Mac. All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.
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