$40.3 Million Financing Arrangement for Birwood Heights Secured by Marcus & Millichap
Marcus & Millichap's (NYSE: MMI) capital markets division, IPA Capital Markets, has secured a $40.3 million non-recourse bridge loan for the 312-unit Birwood Heights apartment complex in San Antonio, Texas. The financing carries an initial three-year term with a stabilized debt yield of 6.45% and results in an 80% loan-to-value ratio. This deal highlights strong lender demand for multifamily properties in Sunbelt regions like Texas. The property is strategically located near major employment hubs such as USAA's headquarters, South Texas Medical Center, and The University of Texas at San Antonio, enhancing its appeal to residents. However, the bridge financing structure introduces refinancing risk after three years, though Marcus & Millichap itself does not bear this obligation. Market pressures including oversupply in multifamily housing could impact rents and occupancy rates. Institutional ownership remains stable with BlackRock as the largest investor holding 9.56% of shares.
Tickers: $MMI
Topics: Birwood Heights Marcus & Millichap multifamily financing non-recourse bridge loan