Marcus & Millichap : Capital Corporation Arranges $34.4M Bridge Loan for Williamsburg Multifamily
January 20, 2021 at 05:56 pm EST
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BROOKLYN, N.Y., Jan. 20, 2021 - Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged a $34.4M interest-only bridge loan to refinance a 117-unit multifamily property and 4,000-square-foot commercial unit in Brooklyn's Williamsburg neighborhood.
Originally built and used as a pencil factory, the property was redeveloped in 2012 into a luxury loft-style multifamily property that highlights the original industrial finishes of the building. The five-year loan, provided by a private lender, was structured with three years of interest-only, a 3.65% interest rate and 75% loan-to-value. The loan was negotiated by Steven Rock who is based in the company's White Plains office.
'The financing allows the borrower to continue their strategic lease-up program to stabilize this iconic asset,' said Rock.
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About Marcus & Millichap (NYSE: MMI)
With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 20 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2021 22:55:03 UTC
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.