IPA Capital Markets Arranges $116.5M Construction Financing for 1.4M-SF Pacific Northwest Industrial Property
IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has arranged $116,525,065 in construction financing for the development of a 1.4 million-square-foot industrial property in the Pacific Northwest, the firm announced May 4, 2026.
Deal Structure and Financing Terms
Gary Mozer, executive managing director at IPA Capital Markets, and Lee Norman, senior managing director, both based in the firm's Los Angeles office, secured the financing on behalf of a national real estate development and investment firm specializing in the acquisition, development, and management of commercial real estate.
The loan was structured at a five-year fixed interest rate of 5.28%, with a loan-to-cost ratio of 95%. Prepayment terms include yield maintenance, with the final six months of the loan open and carrying no prepayment penalty.
"The credit nature of the tenant allowed us to secure 95% loan-to-cost financing at a five-year fixed rate of 5.28%," said Mozer. "The loan includes yield maintenance prepayment terms, with the final six months open with no prepayment penalty."
Tenant Credit as a Financing Driver
According to Mozer, the creditworthiness of the project's anchor tenant was a key factor in enabling the high-leverage structure. The identity of both the tenant and the lender were not disclosed in the announcement.
The borrower — an undisclosed national real estate development and investment firm — is developing the industrial asset. The specific location within the Pacific Northwest, property name, and street address were not provided.
About Institutional Property Advisors and IPA Capital Markets
Institutional Property Advisors is a division of Marcus & Millichap focused on the acquisition, disposition, and financing of institutional properties and portfolios. IPA Capital Markets provides capital markets services to major private and institutional clients.
Sources: Institutional Property Advisors Press Release, May 4, 2026