MMCC Arranges Refi on Cambridge Multifamily Near MIT

MMCC Arranges Refi on Cambridge Multifamily Near MIT

Marcus & Millichap Capital Corporation (MMCC) recently arranged $3.4 million for the refinancing of a 16-unit multifamily property located at 891 Massachusetts Ave. in Cambridge, MA. The borrower was not disclosed.

Robert Damigella, managing director in MMCC’s Boston office, secured the financing with a local credit union on behalf of a private client. Terms of the 15-year, full-recourse loan include a 7.125% interest rate with 25-years amortization and a loan-to-value of 65%.

The property is located less than a mile from Massachusetts Institute of Technology. It features a mix of one- and two-bedroom units.

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