July 23, 2020
Marcus & Millichap Capital Corp. has arranged $9.8 million in acquisition financing for an 89-unit multifamily property located near Miami International Airport in Miami’s “Flagami” neighborhood.
Robert Bhat of Marcus & Millichap Capital Corp. secured the 12-year, 3.45% fixed-rate financing with four years of interest-only payments on behalf of the buyer, a local real estate developer and investor. The lender was not disclosed.
“This property historically maintains a strong occupancy due to its central location and proximity to the airport,” said Bhat. “The sellers recently renovated most of units, installed new floors and upgraded the kitchens.”
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