Tokyu Land U.S. Corporation Provides $123 Million Loan For 268-Unit Multifamily Refinance In Burlingame

The property involved in this transaction is a multifamily asset located at 1008 Carolan Avenue in Burlingame, CA. The property consists of 268 units and was refinanced for a total loan amount of $123,000,000. The property is identified as a luxury multifamily development, and the financing terms include a five-year period with an interest-only payment structure.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $123,000,000
• Address: 1008 Carolan Avenue
• Market: Burlingame, CA
• Units: 268
• Lender: Tokyu Land U.S. Corporation
• Loan Terms: five-year, interest-only
• Interest Rate: 5.09%
• Debt Service Coverage Ratio: 1.10x
• Preferred Equity: $26 million

The deal was represented by Brian Eisendrath, Cameron Chalfant, Anita Paryani-Rice, and Jesse Zarouk from Institutional Property Advisors - Marcus & Millichap. IPA Capital Markets facilitated the securing of $123 million in debt financing along with $26 million in preferred equity on behalf of a national multifamily owner, operator, and investment firm for the refinancing of the asset.