MMCC Arranges $5.1M Acquisition Loan for Apartment Complex in Port Arthur

PORT ARTHUR, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.1 million interest-only acquisition loan for a 226-unit apartment complex in Port Arthur. Michael Laurencelle and Jonathan Vollinger of MMCC’s Austin office arranged the financing. Mark Diebold of MMCC’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Diebold also secured the buyer, another limited liability company. The property was built in two phases in 1968 and 1972 and underwent a $2 million renovation in 2013. The complex was 78 percent occupied at the time of sale.