DOYLESTOWN, PA—Marcus & Millichap Capital Corp. has arranged a $25.7 million loan for the purchase of a 350-unit high-rise in Doylestown, PA.
John Banas and Kristopher Wood, senior directors in MMCC's Philadelphia office, arranged the loan.
“MMCC provided the borrower with a range of options for obtaining the capital necessary for this purchase,” says Banas. “An agency lender proved to be the best fit.”
The new owner is converting the building from senior housing to market-rate multifamily and plans to enhance the property with additional apartments or more community amenities.
The 10-year loan amortizes over 30 years. The interest is fixed at 4.41 percent and the loan to-value is 80 percent.
“Kris and John are among our most experienced finance professionals,” says John Wilcox, MMCC's vice president, East Coast capital markets. “Their work on this transaction exemplifies their consultative approach: identifying the client's needs and matching them with the capital source that offers the most compelling terms.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
