Dealmaker: Marcus & Millichap Secures $24M Multifamily Loan

Marcus & Millichap Capital Corp., Calabasas, Calif., arranged $24.1 million for Madison Newport Apartment Homes, a 136-unit multifamily property in Costa Mesa, Calif.

Sharone Sabar, Senior Vice President in MMCC’s Encino office, arranged the debt placement. “The borrower was focused on financing this transaction on an accelerated timeline in order to complete a 1031 exchange,” he said. 

Sabar structured the loan with a five-year interest-only term fixed at 3.15 percent. The loan-to-value ratio equaled 55 percent.

In Sausalito, Calif., Marcus & Millichap sold 21-unit apartment property 77 Bulkley Avenue for $11.7 million, or $557,142 per unit.

The firm represented the seller and also procured buyer House Properties, Mill Valley, Calif. 

“77 Bulkley presented a rare investment opportunity to acquire a multifamily property of its size and quality in one of the most affluent markets in Marin County,” said Marcus & Millichap Associate Director Erich Reichenbach. “This transaction represents one of only a few 20-plus unit properties in Sausalito sold in the last 20 years. The asset provides new ownership with value-add opportunities and rental upside potential.”

Built in 1963, 77 Bulkley Avenue is 1.4 miles from major transportation corridor U.S. Route 101 and within walking distance to schools, shopping, entertainment, dining options and the Sausalito Ferry Terminal.