Marcus & Millichap Capital Corporation arranged $8.7 million in financing for the construction of Marshview Apartments, a 48-unit multifamily property near Plank Trail Lane in Sheboygan Falls, Wisconsin.
Michael Hughes, managing director in MMCC’s Milwaukee office, secured the financing with a regional lender on behalf of a local multifamily development and management firm.
Terms of the 5-year loan include a 6.2% fixed interest rate with 30 months of interest-only payments followed by a 30-year amortization period, and a 77% loan-to-cost.
The property is located adjacent to the WI-23 and WI-32 intersection and features exclusively two-bedroom, two-bathroom units and will offer amenities including laundry, private direct entry, a one-car attached garage, and a private patio or balcony. Construction is projected to be 12 months.
