Marcus & Millichap Secures $5M Credit Facility For West Palm Beach Condo Owner | 738 Executive Center Drive | David Purisch, Steve Goldwyn | MultiFamily | Loan

Summary

Loan

FLORIDA

MultiFamily

The multifamily property located at 738 Executive Center Drive in West Palm Beach was involved in a loan transaction amounting to $5,000,000. The loan terms included an interest-only structure for the initial two-year draw period, transitioning into a five-year fixed-rate loan with a thirty-year amortization schedule.

Summary of transaction details:

Property Type: Multifamily
Transaction Amount: $5,000,000
Address: 738 Executive Center Drive
Market: West Palm Beach
Loan Terms: Interest-only for two years, followed by a five-year fixed-rate loan

David Purisch and Steve Goldwyn of Marcus & Millichap played pivotal roles in securing the $5 million credit facility for a minority owner of West Palm Beach condominium units. The financing arrangement was facilitated by Marcus & Millichap Capital Corporation, enabling the client to benefit from a flexible loan structure tailored to their needs.

Players

All
3

Agents
2
Agencies
1

$15.7M Sold

$15.7M Sold

Details

Deal Summary

FINANCED

IMAGE: David Purisch & Steve Goldwyn DATE: 03/13/2024 ADDRESS: 738 Executive Center Drive MARKET: West Palm Beach ASSET TYPE: Multifamily BROKERS: David Purisch & Steve Goldwyn - Marcus & Millichap (@MMCapCorp) LOAN AMOUNT: $5,000,000 LOAN TERMS: interest only, floating for the two-year draw period followed by a five-year market rate fixed term loan with a thirty-year amortization NOTE: Marcus & Millichap Capital Corporation secured a $5 million credit facility for a minority owner of West Palm Beach condominium units, with Steve Goldwyn and David Purisch arranging the bank financing. The flexible terms include interest-only payments based on Prime Rate for a two-year draw period, followed by a five-year fixed-rate loan with a thirty-year amortization, allowing the client to pay off the loan without penalties.

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Address738 Executive Center Drive

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