GRAND RAPIDS, MI– Marcus & Millichap Capital Corporation (MMCC) has arranged a $9.37 million fixed-rate loan for the acquisition of a 160,000-square foot office building located at 4420 44th St. SE, Grand Rapids.Jake Roberts, a vice president capital markets, and Anita Paryani, a senior director, both in the firm’s West Los Angeles office, arranged the financing package for the office building.
“MMCC was able to negotiate a very favorable financing structure for this acquisition even though many lenders have decreased leverage levels, particularly in such states as Michigan,” says Roberts. “The lender also agreed to reduce the personal recourse requirement from 100 percent to 35 percent.”
Financing for this property was provided by a commercial bank at a 5.75 percent fixed rate for the first five years, and then reset for the next five years at Treasury plus 200 basis points. Terms of loan are for 1
0 years with a 25-year amortization schedule. Loan-to-value was at 76 percent.“The lender committed to the deal and locked the rate at application in two weeks,” says Roberts.
Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704
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