Saturday, September 18, 2010
PORTLAND, Ore., Sept. 17, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6.7 million refinancing loan for Standard Dairy, a mixed-use residential property in Portland.
Steven Wiltshire (top right photo), an associate director in the firm’s Portland office, arranged the loan.
“The loan is HUD-insured and the property has eclectic-style multiple tax lots that are cross-collateralized,” says Wiltshire. “Our thorough understanding of lender and agency requirements enabled us to provide the necessary information and present the best possible structures for the transaction to both lender and client.”
The $6,728,000 loan is for 35 years with a 35-year amortization. The interest rate is fixed at 4.25 percent and the loan to value is 85 percent.
The property has 85 units, 11 of which are commercial.
Contact: Stacey Corso
Public Relations Manager