AURORA, CO- Marcus & Millichap Capital Corp. (MMCC) recently arranged a $23.54 million of debt financing for Elk Ridge, a class B, 454-unit apartment complex in Aurora. Built in 1984, the property is 93% occupied.

Jake Roberts, a director in the MMCC West Los Angeles office, arranged the refinancing for the borrower, who has owned the property since 1997. This is the fourth deal that MMCC has sourced and closed with this client in the past 10 months.

"The property has recently recovered from a slow economy that plagued the Denver market for the past few years," Roberts says. Roberts says the sponsorship of New Jersey-based Falkin Platnick Realty Group and the quality of the asset allowed for the borrower to benefit from "very aggressive financing, both in pricing and terms."

After a "thorough and extensive underwriting," MMCC helped the borrower secure more than $1 million in additional proceeds. This allowed the borrower to cash out more than $4 million and pay off a current $18.5 million loan with a rate of nearly 8%, according to Roberts. The financing was provided through a securitized lender at an 80% loan-to-value ratio and a 4.97% interest rate. The loan has a 10-year term with the first five years interest-only and a 30-year amortization.