Marcus & Millichap Arranges Sale, Financing on San Jose Apartments
[ad_1]
Marcus & Millichap arranged the sale and financing of Rancho Verde Apartments, located at 127 Rancho Dr. in San Jose. The asset sold for $8,800,000. Marcus & Millichap Capital Corporation (MMCC) arranged the $5,850,000 acquisition financing.
Eymon Binesh, first VP investments, worked with a private owner to market and sell the property.
“At the time of sale, the property was 33% vacant and the buyer plans to complete substantial renovation in order to achieve market rents,” said Binesh. “The property transacted at a 6.25% market cap and 10 GRM.”
Chad O’Connor, executive managing director, capital markets, based out of MMCC’s San Diego office, secured the bridge loan.
Marcus & Millichap Arranges Sale, Financing on San Jose Apartments
Marcus & Millichap Arranges Sale, Financing on San Jose Apartments
[ad_1]
Marcus & Millichap arranged the sale and financing of Rancho Verde Apartments, located at 127 Rancho Dr. in San Jose. The asset sold for $8,800,000. Marcus & Millichap Capital Corporation (MMCC) arranged the $5,850,000 acquisition financing.
Eymon Binesh, first VP investments, worked with a private owner to market and sell the property.
“At the time of sale, the property was 33% vacant and the buyer plans to complete substantial renovation in order to achieve market rents,” said Binesh. “The property transacted at a 6.25% market cap and 10 GRM.”
Chad O’Connor, executive managing director, capital markets, based out of MMCC’s San Diego office, secured the bridge loan.
[ad_2]
Source link
Comments
More posts