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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Marcus & Millichap’s (NYSE:MMI) capital markets arm, IPA Capital Markets, secured a financing arrangement amounting to $40.3 million for Birwood Heights. Based in San Antonio, Texas, this 312-unit apartment complex is comprised of one-, two-, and three-bedroom apartments, and offers various shared amenities such as fitness studio, lounges, outdoor grilling, and resort-style pool. The residences contain attractive features including stainless steel appliances, granite countertops, kitchen islands, and more.

Brian A Jackson/Shutterstock.com

Non-Recourse Bridge Loan for Sunbelt Multifamily Property

With an initial term of three years, this non-recourse bridge financing arrangement carries a 6.45% stabilized debt yield. The underlying proceeds result in an 80% stabilized loan-to-value ratio, which appear to be on the high side. However, it is worth noting that the arrangement was finalized after drawing six fixed-rate and nine floating-rate quotes from lenders. This points to a robust lender demand for modern multifamily units across the Sunbelt region.

Birwood Heights sits near Loop 1604 and Northwest Military Highway, giving residents quick access to Interstate 10 and the North East Independent School District. Its closeness to USAA’s headquarters, South Texas Medical Center, and The University of Texas at San Antonio, along with shopping hubs such as The Rim and The Shops at La Cantera, adds to its draw within a well-established employment zone.

Refinancing Risk and CRE Market Pressures Cloud the Outlook

The three-year bridge structure does create refinancing risk for the borrower once the initial term expires. However, Marcus & Millichap itself is not the borrower and therefore does not carry this financing obligation.

Market factors that can come into play include an oversupply of multifamily properties, which could bring down rents, occupancy rates, as well as liquidity for such commercial real estate projects. Broader economic indicators could also affect the overall borrowing costs, lender appetite, and dynamics of the real estate private credit markets.

Another consideration for investors is the management’s views during the recent second quarter results, where it pointed to wider bid-ask spreads among buyers and sellers. For the remainder of the year, it anticipates persistent challenges related to price discovery within the market.

Institutional Sentiment

Institutional interest tracked across 1,000+ hedge funds by Insider Monkey shows stagnant exposure to the stock. According to the second quarter 13F filing data, total number of hedge funds that held positions in the stock was 20, same as in the previous quarter. Short interest sits at 2.80%, which indicates low amount of institutional skepticism around Marcus & Millichap.

With 3.62 million shares, BlackRock is the largest institutional investor owning 9.56% of the outstanding shares. Other notable institutional names include Vanguard Portfolio Management and Schroder Investment Management, which held 6.58% and 6.03% of outstanding shares, respectively.

What Lies Ahead

For Marcus & Millichap, the arrangement reflects on IPA’s ability to source financing for sizable multifamily properties. It solidifies the company’s footing within an ever-expanding real estate private lending market. Involvement in the lucrative Sunbelt markets boosts the company’s visibility across the space, which could lead to a stronger pipeline going forward, although broader transaction volumes will remain sensitive to interest rates, lender appetite, and commercial real estate conditions.

While we acknowledge the potential of MMI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 12 Best Industrial Stocks With More Than 50% Upside and 10 Best Stocks Under $10 That Could Triple.

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Start spreadin’ the news… they’re leavin’ today… Wait, that’s about New York.

And maybe they’re not leaving. Paramount has been threatening to leave Los Angeles and California for a few months now. Leaving would take one of Hollywood’s “Big Five” studios out of the city, out of the state, but not out of anyone’s mind. Discussions appear to be ongoing within the studio, as FOX Business recently reported. 

Paramount and Warner Bros. have been trying to merge their operations, and they have faced pushback from state and local authorities. California sued to stop it. In the midst of that, the studio is reportedly looking at other options, playing the field, flirting with Austin, Texas, and looking for office space in Nashville, Tennessee. 

PARAMOUNT MUM, BUT LA OFFICIALS ON NOTICE AS RUMORS OF MOVE FROM CALIFORNIA TO NASHVILLE SWIRL

Paramount and Warner Bros. have been trying to merge their operations, and they have faced pushback from state and local authorities in California. (Mario Tama/Getty Images)

It’s not an idle threat. Long-running talent show “American Idol” has already made the move. The ABC revival announced recently that it’s ditching Tinsel Town for Atlanta. This will change its most iconic line – “You’re going to Hollywood!” But it also changes the tax situation of everyone involved, for the better. “You’re going to Atlanta!” doesn’t have the ring that the former line had, but give it time. 

PARAMOUNT’S CALIFORNIA FUTURE IN DOUBT AMID ESCALATING LEGAL FIGHT

Star after star has left Hollywood over the past few years. This is by no means an exhaustive list, but “American Idol” alum and first winner Kelly Clarkson left Hollywood and took her daytime talk show with her. Jason Eisenberg left for Indiana. Others include Glenn Powell (Texas), Harrison Ford (Montana), Matthew McConaughey (Texas), Ty Burrell (Utah), Jessica Biel and Justin Timberlake (Tennessee and Montana), and Dean Cain (Nevada) are just a sample of the stars who’ve decided California taxes and policies aren’t worth the hassle.  

TV’s Superman fired powerful parting shots at what he called the “land of ridiculousness” on his way out.

Dean Cain left California for neighboring Nevada. (Photo by Dia Dipasupil/Getty Images for New York Comic Con)

“The policies are just terrible. The fiscal policies, the soft-on-crime policies, the homelessness policies,” Cain said in June 2023. “The things that our leaders in California have been doing have driven out anybody who can really afford to get out. People are flocking out of there in droves.”

Up to now, it’s just been stars and individual productions leaving Hollywood. 

Paramount leaving would change the story entirely. Double that if the Warner merger goes through. 

Hollywood’s Big Five are, currently, Disney, Universal, Warner, Sony and Paramount. The group would be reduced to either four or three depending on how things shake out. Either way, it’s a disaster for what is the world’s entertainment production capital. For now. 

There is a pattern in most of the stars’ moves that would be replicated if Paramount moves to either of its most rumored destinations – Tennessee or Texas.

The Nashville, Tennessee, skyline with Broadway at sunset. (iStock)

I SAW THE MOVIE THAT WARNER TRIED TO DELETE: ‘COYOTE VS. ACME’

They’re red states. With red state policies of lower taxation and regulatory burdens. They’re red states that tend not to let their cities burn while the mayor is out of the country, too. And then (probably) reelect that mayor. 

California, New York and Illinois have become very good at driving Americans and businesses away and to red states, mostly Florida and Texas. Tennessee is in the game now, and while Georgia has gone purple, its production incentives should make California green with envy. 

Texas already has the Silicon Prairie and Y’all Street and has been chopping away at its high property taxes. Florida has the beaches and sunshine and a sound taxation policy. Georgia and Tennessee have willing workforces and leadership hungry to bring in high-profile industries.  

“Go West young man!” drove the ambitious toward California in the Gold Rush days, but it doesn’t mean anything in the century of Zoom, AI and easy mobility. The Volume, the revolutionary digital stage used to shoot “The Mandalorian” TV series, means California’s weather matters a whole lot less. If people can’t get their legislatures to lower taxes, they’ll find a state that will. 

CLICK HERE TO GET FOX BUSINESS ON THE GO

California’s current tax collectors would just confiscate most of the gold anyway.

Paramount reportedly has yet to decide whether it’s moving or not. It may be able to wrangle some concessions out of the state and city and give them a reprieve. But the proverbial writing is on the wall, and it’s increasingly being written hundreds of miles away from Hollywood. 

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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Melissa Snover founded Rem3dy Health in 2019 and built it around Nourished, a seven-layer gummy vitamin stack 3D-printed to order at a plant in Birmingham.

The business has sold more than 53 million units, sells through Boots, Holland and Barrett and more than 12,000 European pharmacies, and raised £14m in June at an £84m valuation. She tells Business Matters how it started on an airport floor.

What do you currently do at Nourished?

I am the founder and CEO of Rem3dy Health, the company behind Nourished. My role has evolved enormously since I founded the business in 2019. In the early days I was involved in almost everything, from experimenting with formulations and working hands-on with our 3D printers to packing orders, troubleshooting production challenges and speaking directly with our earliest customers. Like many founders, I did whatever needed to be done to turn the idea into a working business.

Today my role is much more focused on setting our vision, building the right team and deciding where we take our technology next. I lead all our investment activity and work closely with our teams and partners to establish the strategic relationships that support our growth.

Nourished combines nutrition, technology and advanced manufacturing to create products in ways that simply were not possible before. We developed our own patented 3D-printing technology that allows us to manufacture personalised and precision nutrition at scale. The Birmingham site can produce 500,000 units a day, and we hold 21 patents across the technology and the formulations.

A significant part of my time is now dedicated to innovation, product development and international expansion, taking technology developed and manufactured here in Birmingham into major markets around the world.

What was the inspiration behind your business?

Nourished was born from a very personal frustration. I have been passionate about nutrition for most of my life and, like many people, I used to travel with a huge collection of vitamins and supplements.

In 2019, while travelling extensively, I accidentally spilled them all over an airport floor. As I knelt there picking them up, I remember thinking: why am I still doing this? Why can the nutrients I actually need not be combined into one convenient product?

Having previously founded a 3D-printed food business, I realised that additive manufacturing could provide the answer, allowing multiple active ingredients to be combined in a single, personalised format. That moment set in motion an extensive period of research and development. We brought together expertise in nutrition, formulation, engineering and advanced manufacturing to develop our proprietary technology and turn the original idea into a commercially scalable product.

That slightly chaotic moment on an airport floor ultimately became the inspiration for Nourished.

You raised £14m in June. What is it for?

The round valued the business at £84m and was led by Suntory, Apollo Hospitals, Estrella Galicia and UPSA, with Future Planet Capital Regional also investing. It is our largest single raise, on top of roughly £19m raised previously. The money takes us into the United States, the Middle East and North Africa, and India, and into personalised pet health.

Securing this funding marks a major milestone for us. Following a year of significant transformation and against one of the toughest fundraising environments in recent years, we are now in a strong position to scale globally.

It was not an easy market to raise in. UK equity investment reached £14.4bn in the first half of 2026 according to Barclays and Beauhurst, but 70 per cent of that went to London. Building a manufacturing-led business in the Midlands means you have to be that much more convincing.

Who do you admire?

I admire people who are willing to challenge assumptions that everyone else has simply accepted. That applies not only to entrepreneurs, but also to scientists, engineers and inventors, people who look at something that has been done the same way for decades and have the curiosity to ask why.

I particularly admire founders who have the courage to create an entirely new category rather than simply improving what already exists. That is incredibly difficult, because you are not only building a product or a business; you also have to help people understand why something they have never encountered before should exist.

I have also developed an enormous admiration for leaders who build exceptional teams around them. As a founder, there comes a point when success is no longer about having all the answers yourself.

Looking back, is there anything you would have done differently?

I would have learned to say no much earlier. In the early stages of building Nourished, I saw potential in so many different directions. There was often a fear that saying no to an opportunity might mean missing the one partnership, product idea or market that could transform the business.

Over time I have learned that focus is one of the most valuable resources a growing company has. Every time you say yes to something, you are inevitably committing your team’s time, capital, manufacturing capacity and leadership energy, resources that can no longer be directed elsewhere.

I am still excited by new ideas, but the question is no longer simply, could this be a good opportunity? It is, is this the right opportunity for the company we are building?

What defines your way of doing business?

Curiosity, speed and a fairly well-developed resistance to being told that something cannot be done.

There has been a consistent thread through the businesses I have created. In 2010 I launched the world’s first vegan gummy brand; in 2015 the world’s first truly personalised 3D printer for food; and in 2019 the world’s first truly personalised nutrient gummy with Nourished. Each began by identifying where customers were being asked to compromise and finding a better solution.

I believe in moving quickly, testing ideas in the real world and learning from the results. I am very comfortable changing my mind when the evidence shows that I am wrong. What I find much harder to accept is being told that something cannot be done simply because nobody has done it before.

But innovation must have a purpose. Technology for technology’s sake does not interest me. The best innovation solves a genuine human problem and makes something meaningfully better, simpler or more accessible. We won a King’s Award for Enterprise in Innovation in 2023 and were named Femtech Company of the Year at the Health Tech World Awards in 2025, and both of those matter because of what sits behind them rather than the badge itself.

What advice would you give to someone starting out?

Start before you feel ready, because you will rarely feel completely ready. One of the biggest misconceptions about entrepreneurship is that successful founders knew exactly what they were doing at the beginning. Most did not, and I certainly did not.

You do not need to have every answer, but you do need to be resilient, remain curious and properly understand the problem you are trying to solve. Get something into the hands of customers as quickly as you reasonably can, listen carefully and keep improving. That does not mean acting on every individual opinion, but it does mean taking customer feedback seriously. Ultimately it is the customer, not the founder, who decides whether a solution has value.

Do not be frightened of failure. Every failure gives you useful information: it eliminates one option, sharpens your thinking and takes you a step closer to the right solution. The entrepreneurs who succeed are not the ones who never get anything wrong, because they do not exist. They are the ones who learn quickly, adapt and refuse to give up.

Finally, surround yourself with people who are better than you. It also prevents you from becoming the greatest constraint on your own company’s growth.