MMCC arranges $4.1M financing for Washington, DC multifamily property

WASHINGTON, DC — Marcus & Millichap Capital Corporation (MMCC) arranged $4,134,000 in financing for a newly built, 11-unit multifamily property located at 1706 17th St. Southeast in Washington, DC.

Jared Cassidy, senior director in MMCC’s Washington, D.C. office secured 5-year, non-recourse agency financing at 70% loan-to-value on behalf of a private client. The loan also includes 3 years of interest-only payments and a flexible prepayment structure.

“This financing supports our client’s recapitalization strategy while taking advantage of strong agency execution in the Washington, D.C. multifamily market,” said Cassidy. “Well-located, smaller multifamily assets like this continue to attract favorable terms with the Agencies given their affordability targets and consistent demand for new product.”

The property features two-bedroom units and is located in the Fairlawn neighborhood, about 5 miles from downtown Washington, DC.