Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $13.5 million in financing across five acquisitions in Texas. The financings were exclusively arranged by MMCC’s Duke Dennis, director.
The five loans spanned metropolitan areas across the state as well as a diversified range of asset classes, including an industrial property, a single-tenant retail property and three multi-tenant retail properties.
Chris Gainey, first vice president, investment sales, Marcus & Millichap, represented the buyers in the Waco, Austin and Fort Worth sales transactions and represented the seller in the Arlington transaction. Vince Knipp, senior managing director, investment sales and Salim Bhaidaini, associate, Marcus & Millichap, represented the seller in the Waco transaction.
“We were able to procure competitive acquisition financing amid growing enthusiasm for stable commercial properties with reliable anchor tenants in growing metro markets, particularly in Texas, which is seeing a major inflow of consumers,” said Dennis. “These transactions are a testament both to our expansive lending network and the confidence capital markets are showing in Texas.”
Transaction Details
- Dyer Industrial Park (El Paso) – MMCC arranged a $3.5 million loan for the acquisition of a 102,538-square foot industrial property at 10885-11135 Dyer Street comprising 19 buildings and 53 suites. The 10-year, 75-percent LTV financing has an interest rate of 4.25 percent.
- 600 North Valley Mills (Waco) – MMCC arranged a $1.9 million loan for the acquisition of a 3,421-square foot retail property anchored by PLS Check Cashers. The 10-year, 70-percent LTV financing has an interest rate of 3.99 percent.
- Shops at Landmark Quebec (Fort Worth) – MMCC arranged a $3.85 million loan for the acquisition of a 10,268-square foot, multi-tenant retail strip center, anchored by PNC Bank and Jason’s Deli, at 6500 Northwest Loop 820. The seven-year, 70-percent LTV financing has an interest rate of 3.82 percent.
- 165 Hargraves Drive (Austin) – MMCC arranged a $2.76 million loan for the acquisition of a 5,387-square foot building, anchored by Sleep Number and the Swim Studio and built in 2021 as part of Belterra Village, a multi-tenant retail strip center. The 12-year, 70-percent LTV financing has an interest rate of 3.75 percent.
- Matlock Center (Arlington) – MMCC arranged a $1.35 million loan for the acquisition of a 10,632-square foot, multi-tenant retail strip center, purchased by Salim Bhaidaini. The property is anchored by Edible Arrangements, Auto Detailing Supplies and Matlock Salon Suites, at 450 Matlock Road. The seven-year, 65-percent LTV financing has an interest rate of 3.75 percent.
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.
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