Framingham, MA Marcus & Millichap Capital Corporation (MMCC) has arranged $5.02 million in acquisition financing for The Grant St. Complex, a multifamily property.
Located at 115-133 Grant St., the complex consists of 26 one-, two-, and three-bedroom units and is located between Worcester and Boston. Robert Bhat at MMCC’s Miami office, secured the financing.
“The property provides a value-add opportunity by increasing rents to current market levels. Given the experience of the sponsor and strong market occupancy, we were able to secure a five-year Freddie Mac SBL loan at 78% LTV with the first 12 months of interest-only payments,” said Bhat.