Marcus & Millichap Secures $107 Million for Major Project
Marcus & Millichap Secures $107 Million Financing
In a significant move within the commercial real estate sector, Marcus & Millichap Capital Corporation (MMCC) has arranged an impressive $107 million in financing. This funding is aimed at the construction of a dynamic new 384-unit multifamily property that features an extensive 26,000 square feet of retail space. Located at the intersection of growth and opportunity, this development is poised to transform the living landscape in its vicinity.
Adequate Financing for Ambitious Development
Stefen Chraghchian, a seasoned senior director at MMCC’s Encino office, has played a pivotal role in securing this financing in collaboration with Affinius Capital and Bank OZK. This partnership highlights the trust and expertise MMCC brings to the commercial lending space, specifically with Adept Urban Development as the developer.
Collaborative Efforts and Vision
Chraghchian expressed gratitude to the client for entrusting MMCC with the financial arrangement necessary for this transformative project. "We navigated through a challenging lending environment while providing competitive terms," he stated confidently. This innovative project, dubbed Adept Ontario, represents a commitment to a rapidly growing area in Southern California.
Transformative Impact on Local Community
Adept Ontario is set to serve as the first phase of an expansive master-planned development, introducing a diverse array of unit types and high-end amenities that cater specifically to the needs of the Inland Empire market. With the region experiencing continual growth in both population and job availability, this project aims to enhance the quality of life for residents.
Plans for Distinctive Features
The new mixed-use property is strategically located adjacent to the Toyota Arena, a key cultural and recreational site. The inclusion of digital media signs adds a modern touch to the development, integrating technology with daily life. This initiative is more than just a housing project; it aims to create a vibrant community hub where residents can work, live, and play.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation, a subsidiary of Marcus & Millichap (NYSE: MMI), is recognized as a leader in commercial real estate investment services. The corporation specializes in providing various financing solutions, including debt and equity arrangements. In recent years, MMCC has demonstrated its proficiency by closing over 1,000 transactions each year, amounting to billions in financing.
Overview of Marcus & Millichap, Inc.
As a prominent national brokerage firm, Marcus & Millichap, Inc. specializes in investment sales, financing, research, and advisory services. With a robust team of professionals spread across more than 80 offices, they focus on facilitating significant transactions in the commercial real estate market. In 2023, the firm accomplished an impressive volume of over 7,500 transactions valued at approximately $43.6 billion.
Frequently Asked Questions
What is the total financing amount secured by MMCC?
Marcus & Millichap Capital Corporation has successfully arranged $107 million for the project.
What type of development do they finance?
They finance mixed-use developments, including multifamily residential units and retail spaces.
Who are the financing partners involved in the project?
The financing was secured in collaboration with Affinius Capital and Bank OZK.
What is unique about the project location?
The development is strategically located adjacent to the popular Toyota Arena, enhancing its appeal to residents and businesses alike.
How many transactions did MMCC close in 2023?
In 2023, Marcus & Millichap Capital Corporation closed 1,076 transactions, totaling $6.73 billion.
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