California-based Marcus & Millichap acquires Houston-based LMI Capital bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Marcus & Millichap acquires LMI Capital
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LMI Capital provides capital market services for commercial real estate owners, developers and investors across the Southwest.
Marcus & Millichap, a commercial real estate brokerage firm based in Calabasas, Calif., has broadened its capital markets services with acquisition of Houston-based LMI Capital. Terms were not disclosed.
Founded in 1999, LMI Capital arranges debt and equity capital for multifamily, office, retail, self-storage, hospitality, mixed-use and industrial properties. The deal adds a 10-person team including LMI Capital Principals Jamie Mullin and Brandon Brown to the company s Marcus & Millichap Capital Corp. division.
LMI, which has arranged financing in the multifamily sector through Fannie Mae and Freddie Mac, has completed more than $1.2 billion in transactions over the last three years. The company serves commercial real estate owners, developers and investors across the Southwest.
Capital Markets Remain More than Willing to Finance Multifamily Deals Even with Fannie and Freddie planning to scale back on multifamily loans, other lenders are ready to pick up market share.
Investors are rushing to buy apartment properties with a lot of help from lenders willing to finance their deals.
Freddie Mac and Fannie Mae lenders remain eager to lend money to investors buying properties at historically low interest rates.
“There is an enormous amount of capital,” says John Sebree, senior vice president and national director of Marcus & Millichap s Multi Housing Division, working in the firm s Chicago office. “We are back to 20 offers [for apartment properties offered for sale]… That is similar to where we were a year ago.”