Institutional Property Advisors arranges $27.7M refinancing for multifamily property in Portland MSA
Institutional Property Advisors (IPA), Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the $27.7 million financing for a five-story, 110-unit multifamily property in Portland MSA, Oregon. The financing was arranged by IPA’s Anita Paryani, senior managing director.
“The property has benefited from Portland’s rapid appreciation amid a major influx of people and business, despite being completed at the start of the pandemic,” said Paryani. “The loan provides the borrower flexibility to maximize returns over time as markets continue to improve.”
The 70-percent LTV/90% loan to cost loan is structured with a 36-month term plus options and a floating 2.99 percent interest rate.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI). IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition, and financing of institutional properties and portfolios. IPA’s capital markets specialists provide financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, and capital markets consulting/advisory services. For more information, please visit www.institutionalpropertyadvisors.com.
Construction Industry News : Construct America Magazine is a business-to-business trade journal covering major construction industry news within the United States of America, bringing you the most breaking and innovative news stories from East Coast to West Coast. We cover all the latest news within the construction sector, showcasing everything from brand new innovations within construction; to changes and improvements to health and safety, major projects undertaken by industry leaders, and many more.
