Garrett Fierstein Of Marcus & Millichap Capital Corporation Secures $6M Refinance For Multifamily Asset In Daytona Beach

The property involved in the transaction consists of two multifamily assets, Fairways and River Breeze Apartments, located at 1350 Virginia Avenue and 2140 South Palmetto Avenue in the Daytona Beach and South Daytona market. The total number of units in these apartments is 72. The loan amount secured for the refinance is $6,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,000,000
• Loan Type: Refinance
• Loan Terms: 10-year, 6.5% interest loan with 30-year amortization
• Address: 1350 Virginia Avenue & 2140 South Palmetto Avenue
• Market: Daytona Beach & South Daytona
• Broker: Garrett Fierstein - Marcus & Millichap Capital Corporation

Garrett Fierstein represented Marcus & Millichap Capital Corporation in arranging the refinance from a local credit union on behalf of a private client. The loan secures a long-term financial strategy for the multifamily units in question over a period of 10 years.