Marcus & Millichap set up the sale and financing of The Villas at Green Valley, an 84-unit multifamily residential or commercial property in New Albany, Indiana. The residential or commercial property cost $14.1 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $9.2 million in acquisition financing.
“The buyer finished a 1031 exchange, combining multiple California homes into a single possession in New Albany, increasing system count while upgrading into a newer community,” stated Tony Rogers, senior director of investments.
Rogers and Aaron Kuroiwa, financial investment experts in Marcus & Millichap’s Indianapolis office, had the special listing to market the home on behalf of the seller, a southern Indiana-based designer, and procured the buyer, a California-based financier.
Chad O’Connor, executive handling director, capital markets, based in the firm’s San Diego workplace, secured the $9.2 million financing with a nationwide bank on behalf of the buyer. The loan includes a 10-year term at 65% loan-to-value with a 5.85% interest rate and a 30-year amortization duration.
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