Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged a $56.2 million acquisition financing for Legacy at Cypress, a 422 units located at 11111 Grant Road in Cypress, TX. Jamie Mullin, Senior Managing Director, and Brandon Brown, Senior Managing Director, exclusively secured the funding. Mullin and Brown are based in MMCC’s office in Houston.
“We worked diligently to create a market in somewhat volatile times and were able to complete this acquisition loan for our client,” Mullin said. This is an emerging sponsor, and this is their largest deal to date. Even with market volatility, we were able to work with the lender and borrower to close in a timely manner and maintain the same terms of agreement as in the letter of intent. »
The five-year bridge loan has an LTV of 75% and an interest rate of 3.85%. Built in 1999, the three-story building offers 1-3 bedroom apartments and an extensive array of amenities including a business center, parking, and fitness center. The Legacy at Cypress Apartments consistently attracts renters with its abundance of green space and easy access to Downtown, Downtown, and Downtown Houston.
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