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$123 Million Financing Arranged by Marcus & Millichap's IPA Capital Markets for Bay Area Multifamily Property

  • IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), secured $123 million in debt financing for a 268-unit luxury multifamily property in Burlingame, California.
  • The five-year loan was arranged by Brian Eisendrath, Cameron Chalfant, Anita Paryani-Rice, & Jesse Zarouk for a national multifamily owner & operator.
  • The loan terms include a 5.09% interest rate, a 1.10x debt service coverage ratio, & interest-only payments for the full term.
  • The financing structure incorporates $26 million in preferred equity from Tokyu Land US Corporation to achieve a cash-neutral refinance.
  • The property is located less than four miles from San Francisco International Airport & features one- to three-bedroom units with in-unit laundry & private patios.
  • Community amenities at the Burlingame location include two courtyards, a fitness center, clubhouse, resort-style pool, pet spa, & coworking lounge.
  • Marcus & Millichap reported closing 8,818 transactions with a sales volume of $50.8 billion in 2025 across more than 80 offices.