Garrett Fierstein Of Marcus & Millichap Capital Corporation Secures $3.15M Loan For Multifamily Acquisition In Marianna

The Grove Apartments is a 44-unit multifamily property located at 3034 Jefferson Street in Marianna. The property is fully occupied and features two- and three-bedroom townhomes situated near Chipola College and Florida Caverns State Park. A loan amounting to $3,150,000 was secured for its acquisition, with a loan type classified as Acquisition and terms spanning 5 years.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,150,000
• Loan Type: Acquisition
• Loan Terms: 5-year
• Units: 44
• Market: Marianna
• Loan Amount: $3,150,000
• Broker: Garrett Fierstein - Marcus & Millichap Capital Corporation
• Loan Terms: 70% LTV at 6.125% interest

Marcus & Millichap Capital Corporation arranged the financing for this transaction, reflecting the ongoing demand from lenders for stabilized multifamily assets in smaller Florida markets. Garrett Fierstein represented the commercial aspect of the deal, facilitating the acquisition process.