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February 9, 2012

Marcus & Millichap

Marcus & Millichap Capital Corp. arranged an $8.4 million cash-out refinancing for an unnamed Kent apartment complex. Glenn Gioseffi of Marcus & Millichap's Seattle office, arranged the loan. He said the owners bought the property on a bank contract two years ago. Gioseffi said his office is seeing a number of lender-owned buildings being sold with bank notes. The notes are generally short term and often require the owner to refinance into longer-term debt. The $8.4 million deal is amortized over 30 years with a fixed interest rate of 4.1 percent. The loan-to-value is 70 percent.




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