Marcus & Millichap arranges $53M refinance for Arkansas BTR property

Marcus & Millichap Capital Corporation (NYSE: MMI) has arranged $53 million in refinancing for The Grove, a build-to-rent multifamily property in Rogers, Arkansas, according to a company press release.

John Brickson, managing director in the firm's Dallas office, structured the three-year, nonrecourse financing on behalf of a joint venture between Brittenum Group and Realty Capital Partners. The loan repaid the borrower's construction loan ahead of maturity.

"This financing repaid the borrower's construction loan ahead of maturity, giving the borrower time to season the rent roll and position the property for a successful sale," Brickson said.

Built in 2024, The Grove is a 235-unit property that is 94.5% occupied. It consists of 123 detached two-story cottages and 112 attached townhome-style residences. Amenities include a resort-style pool, fitness center, golf simulator, pickleball court, and a clubhouse with co-working offices.

Brickson noted that the property's existing residents have a median household income of nearly $100,000. He described The Grove as one of the largest build-to-rent communities by unit count in the Northwest Arkansas region.

You May Also Be Interested In

• Freedom Broker Upgrades Mondelez International (MDLZ) to Buy
• SVRN faces Nasdaq delisting after missing annual report deadline
• Creatd's bid to acquire C2 Live operator expires without a deal