MIAMI-Marcus & Millichap Capital Corporation’s MichaelBalan, a senior director in the firm’s Miami office, has recentlyarranged for $10.41 million in refinancing for an approximately10-year-old, 120-unit, multifamily high-rise development in theCoral Way corridor west of Brickell Avenue. He did not disclose theborrower or the lender.

“It was a great deal for everyone,” says Balan. “The loan wasdue in August or September, treasuries were dropping, so there isan historically low fixed rate, and the loan has a conservativeloan-to-value,” he says.

The Coral Way corridor is residential with some othermultifamily buildings, although there are more condominiums thanapartments in the area, says Balan. The loan is aten-year-fixed-rate loan with a 65% loan-to- value. The interestrate is 5.39% and the amortization is 30 years. “There are not alot of sales in the market today, so we could have easily ended upwith a lower value,” he says.