Marcus & Millichap Arranges $3.375M Loan And Sale Of 58-Unit Multifamily Property In Cullowhee

The property involved in this transaction is Sky at Cullowhee, a multifamily asset located at 563 North Country Club Drive in Cullowhee, North Carolina. This property comprises 58 units situated on 6 acres. It sold at 97% of its asking price, with a mortgage of $3,375,000 facilitated as part of the financing arrangement.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,375,000
• Units: 58
• Acres: 6
• Lender's Representative: Richard Williamson - Marcus & Millichap Capital Corporation
• Sale Brokers: Isaiah Shatz, Ryan Lipomi & William Graves - Marcus & Millichap
• Loan Type: Multifamily acquisition loan
• Loan Terms: 6 months
• Loan-to-Value Ratio: 75%
• Interest Rate: 6.25%
• Interest Payment Structure: Six months of interest-only payments

Marcus & Millichap arranged the sale and financing of the property, highlighting the agency's involvement in both aspects of the transaction. Richard Williamson secured the loan with a specific structure tailored to the multifamily acquisition, while the sale was represented by the brokerage team of Isaiah Shatz, Ryan Lipomi, and William Graves Jr., all from Marcus & Millichap.