Marcus & Millichap’s division, IPA Capital Markets, said this week it had secured $174 million in joint venture equity and debt financing for the purchase of 55 Riverwalk Place, a 348-unit multi-family property located in West New York, New Jersey.
“The acquisition represents a significant value-add opportunity for the sponsor,” Marko Kazanjian, Senior Managing Director at IPA, said in a press release.
“In Q4 2024 alone, our team secured approximately $150 million in JV equity partnerships with an additional $100 million in progress. We are excited about the continued momentum as we begin 2025 and look forward to further expanding our business. With over $1.5 billion currently in the market, we remain active and committed to delivering exceptional opportunities for our clients.”
Stock Performance
The shares of Marcus & Millichap Inc (MMI) closed 2.19% ($0.78) lower at $34.88 in New York on Wednesday.
It has been the lowest closing price for the stock since July 11th 2024.
The company’s total market cap now stands at $1.354 billion.
The shares of Marcus & Millichap Inc (MMI) went down 12.41% in 2024, compared with a 13.32% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have lost another 8.83% so far this year.
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