Marcus & Millichap Capital Corporation (MMCC) has arranged $7.6 million in financing for Urbane 424, a 52-unit multifamily property located at 424 North 3rd Street in Burlington, Iowa.
Robert Bhat, senior managing director in MMCC’s Miami office, secured the financing with a national bank on behalf of a private client. The loan is non-recourse and features a 5-year term with full term interest only at 70% loan-to-value.
“With its prime location and modern amenities, Urbane 424 represents a strong investment opportunity and we’re pleased to have secured competitive terms for our client,” said Bhat.
Located near the Great River Bridge with views of the Mississippi Riverfront, the five-story property features a mix of studio, one- and two-bedroom units, with over 3,000 square feet of retail on the first floor. Amenities include in-unit laundry, a rooftop terrace with a grill, bike storage, elevator access and a lounge.
