IPA Capital Markets, a division of Marcus & Millichap specializing in capital markets services for major private and institutional clients, has secured $123 million in debt financing for a 268-unit luxury multifamily property in Burlingame, Calif.
IPA Capital Markets in Los Angeles secured a five-year loan on behalf of a national multifamily owner, operator and investment firm. The loan featured an interest rate of 5.09 percent, a DSCR of 1.10x, and interest-only payments for the term. The financing structure also included $26 million in preferred equity from Tokyu Land U.S. Corp.
Located less than four miles from San Francisco International Airport, the property features a mix of one- to three-bedroom apartment homes with in-unit laundry, stainless steel appliances, and private patios or balconies. Community amenities include two courtyards with barbecue grills and hammocks, a fitness center, clubhouse, resort-style swimming pool, pet spa and a co-working lounge.
