MIAMI-Marcus & Millichap Capital Corporation’s Michael Balan, a senior director in the firm’s Miami office, has recently arranged for $10.41 million in refinancing for an approximately 10-year-old, 120-unit, multifamily high-rise development in the Coral Way corridor west of Brickell Avenue. He did not disclose the borrower or the lender.
“It was a great deal for everyone,” says Balan. “The loan was due in August or September, treasuries were dropping, so there is an historically low fixed rate, and the loan has a conservative loan-to-value,” he says.
The Coral Way corridor is residential with some other multifamily buildings, although there are more condominiums than apartments in the area, says Balan. The loan is a ten-year-fixed-rate loan with a 65% loan-to- value. The interest rate is 5.39% and the amortization is 30 years. “There are not a lot of sales in the market today, so we could have easily ended up with a lower value,” he says.
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