A new seniors housing development is getting off the ground in Davenport, Iowa thanks in part to construction financing arranged by Marcus & Millichap Capital Corporation. Frank Montalto, vice president of capital markets in M&M’s Chicago office, and Dean Giannakopoulos, senior vice president of capital markets, secured the debt, which totaled $20.25 million. At 75% loan-to-value, that puts the cost of the development at $27 million, or $255,000 per unit.
The loan comes with a five-year term and an attractive 3.75% interest rate. When completed, Meadowview of Davenport will include 106 units of independent living, assisted living and memory care.
