The acquisition loan has been secured for Parkview Manor, a 76-unit garden-style apartment complex. It has an adjustable interest rate of 6.3% based on the 11th District Cost of Funds index, with a 2.95% margin. The amortization/term is 30/30. Although rents at Parkview Manor are well below market, a 75% loan-to-value ratio was achieved.
The Ontario office of Marcus & Millichap Capital Corp. arranged the financing. The group is a subsidiary of Marcus & Millichap Real Estate Investment Brokerage Co., which is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. MMCC provides assistance to each of the brokerage firm's agents and their clients by providing capital market expertise. The company has 34 offices nationwide and in 2001 had sales in excess of $6.4 billion.
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