MMCC ARRANGES $5.3M CONSTRUCTION LOAN FOR APARTMENT COMPLEX

PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.3 million loan for the construction of a 40-unit apartment property in Philadelphia. The Mount Vernon Apartments development will convert a former industrial building into a multifamily property. MMCC arranged a five-year loan that includes a fixed interest rate of 4.75 percent.