Marcus & Millichap Capital Corporation (MMCC) arranged $53 million through M&T Bank for the refinancing of Inverrary Village and Royal Palms, two multifamily properties located in Lauderhill, Florida.
MMCC’s Robert Bhat secured agency financing on behalf of a private client.
“Royal Palms and Inverrary Village are two adjacent properties totaling 488 apartment units located off Oakland Park Blvd in Lauderhill,” said Bhat. “We were able to secure a cash-out refinance with two years interest only on a 5-year term with an interest rate of 5.90% given the properties are well maintained and have experienced management.”
Inverrary Village, located at 2979 NW 56th Avenue, offers a mix of one- and two-bedroom units and on-site amenities including laundry facilities, a playground and parking. Royal Palms, located at 2910 NW 56th Avenue, offers a mix of one- to three-bedroom units. On-site amenities include a swimming pool, laundry facilities, elevators and a playground. Both were built in the 70’s.
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