Friday, January 8, 2010

Marcus & Millichap Capital Corp. Arranges $4.6M Loan in Ohio

LAKEWOOD, OH – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.6 million loan for the acquisition of a Walgreens drugstore in Lakewood.

Ian Harrison, an associate director in the firm’s Columbus office, arranged the financing for the property.

“At a time when the market’s appetite for Walgreens’ credit and bond structure was waning, we were able to promote the viability of the pure real estate associated with this transaction, mixed with the strength of the borrowing entity,” says Harrison. “We secured the very best long-term fixed rate on the market for such a financing product.”

The loan has a loan-to-value of 83.1 percent and a 6.57 percent interest rate, fixed over 23 years. The 14,000-square foot property was built in 2007 and has 23 years remaining on the initial lease term.

“Increasingly, commercial real estate investors are interested in acquiring single-tenant credit assets such as Walgreens,” adds Harrison.

Lakewood is a first-ring suburb of Cleveland, Ohio.

Press Contact:  Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

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