Garrett Fierstein Of Marcus & Millichap Secures $3.685M Loan For Beacon Commons Multifamily In Leesburg

The transaction involves Beacon Commons, a multifamily asset consisting of 48 units located at 600 West Oak Terrace Drive in the Leesburg market. The acquisition financing amounts to $3,685,000 facilitated through a loan secured with a national credit union. The loan terms include a 5-year duration at a 67% loan-to-cost structure and a 30-year amortization period, aimed to support student housing demand.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,685,000
• Units: 48
• Address: 600 West Oak Terrace Drive
• Market: Leesburg
• Landlord: Beacon Commons
• Broker: Garrett Fierstein - Marcus & Millichap
• Loan Type: Acquisition
• Loan Terms: 5-year term at 67% loan-to-cost and 30-year amortization period

Garrett Fierstein, representing Marcus & Millichap, played a key role in arranging the acquisition financing for Beacon Commons. The transaction is notable for addressing the growing demand for student housing, reflecting strategic financing efforts to enhance property investments in the multifamily sector.