IPA Capital Markets, a division of Marcus & Millichap that specializes in providing capital markets services to major private and institutional clients, has successfully secured $44.3 million in government agency financing for the acquisition of The James Apartments. This 190-unit multifamily property is located in San Jose and was purchased by the borrower with a seven-year, interest-only loan at 60% loan-to-value.
According to Brian Eisendrath, executive director at IPA Capital Markets, San Jose’s robust multifamily market played a significant role in attracting lenders for this transaction. He further added that the city boasts the lowest vacancy rate among all cities within the San Francisco Bay Area.
Eisendrath worked alongside Cameron Chalfant (senior director) and Jake Vitta (managing director) from IPA to secure this financing on behalf of their client. The James Apartments were recently completed in Downtown San Jose’s Historic District and are conveniently situated near popular destinations such as San Pedro Square, San Jose State University,and public transportation options.
