IPA Capital Markets Arranges $123 Million Multifamily Financing for 268-Unit Burlingame Property
BURLINGAME, Calif. — IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has arranged $123 million in debt financing for a 268-unit luxury multifamily property in Burlingame, California, the firm announced June 5, 2026.
The transaction was structured as a cash-neutral refinance on behalf of a national multifamily owner, operator, and investment firm.
Financing Structure and Terms
The financing package consists of a five-year, interest-only senior loan totaling $123 million at a fixed interest rate of 5.09%, underwritten to a debt service coverage ratio (DSCR) of 1.10x. The loan carries interest-only payments for the full term. Supplementing the senior debt, Tokyu Land US Corporation provided $26 million in preferred equity, bringing the total disclosed capitalization to at least $149 million.
Brian Eisendrath, Cameron Chalfant, Anita Paryani-Rice, and Jesse Zarouk of IPA Capital Markets in Los Angeles arranged the financing.
"Our IPA Capital Markets team was pleased to provide a cash-neutral refinance that met the refinancing goals of a long-term client," said Paryani-Rice. "We evaluated options across debt funds, banks, and a range of other balance sheet lenders. Ultimately, the most cost-effective structure paired a life company execution with an attractively priced preferred equity piece carrying a low current pay."
Property Overview
The property is located less than four miles from San Francisco International Airport in Burlingame, California. The property name and street address were not disclosed in the announcement.
The 268-unit community offers a mix of one- to three-bedroom apartment homes featuring in-unit laundry, stainless steel appliances, and private patios or balconies. Community amenities include two courtyards with barbecue grills and hammocks, a fitness center, a clubhouse, a resort-style swimming pool, a pet spa, and a coworking lounge.
At $123 million in senior debt across 268 units, the loan basis equates to approximately $459,700 per unit.
Preferred Equity Component
The $26 million preferred equity contribution was provided by Tokyu Land US Corporation. Paryani-Rice noted that the preferred equity piece carries a "low current pay." The cash-neutral nature of the refinance indicates that no significant equity was extracted and no new common equity was contributed, according to the announcement.
About Institutional Property Advisors
Institutional Property Advisors (IPA) is a division of Marcus & Millichap, a leading commercial real estate services firm in North America. IPA's platform combines real estate investment and capital markets expertise with research capabilities to offer solutions for the acquisition, disposition, and financing of institutional properties and portfolios.
