First Market Capital Closes $11.2MM Multifamily Loan in Riverview, MI

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Yael Ishakis and Joe Back of First Market Capital arrange a CMBS loan of $11.2MM collateralized by a 300 unit, multifamily property located in Riverview, Michigan.

First Market Capital has arranged an $11.2 million loan for the refinancing of Pennbrook Apartments, a multifamily property located in Riverview, MI. The firm was working on behalf of the owner, operating as Pennbrook Place LLC.

To facilitate this transaction, First Market Capital’s Yael Ishakis and Joe Back negotiated an $11.2 million 10-year loan amortized over 30 years at a rate of 4.45%. Financing was arranged with a CMBS lender, for the property which is located at 15027 Brookview Dr.

The 90% occupied Pennbrook Apartments consists of 300 units totaling 256,000 square feet.

“Based on the client’s unique needs, First Market Capital was able to negotiate a high LTV loan despite severe time constraints” said Mrs. Ishakis. “We leveraged our strong relationship with the lender to help our client accomplish their business objectives”

First Market Capital is a widely recognized private real estate lender that originates and sources a wide array of commercial debt. Founded in 2009, FMC is run by a seasoned management team with expertise in all aspects of real estate finance, including origination, structuring, underwriting, and asset management. FMC’s longstanding relationships with lenders enables us to provide flexible loan structures tailored to our client’s needs.

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Joe Back
First Market Capital
+1 (305) 722-6184
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