Marcus & Millichap Capital Corp. Arranges $9.3 Million Loan for 152,000-SF Office Buildings in Richmond, VA

   

  Press Contact: J.D. Parker, Vice President and Regional Manager, Manhattan, (212) 430-5100

 RICHMOND, VA. – Marcus & Millichap Capital Corporation (MMCC) has arranged a $9,300,000 fixed rate loan for the refinancing of two modern suburban office buildings – Vistas at Brookfield (top left photo) and Holland Place  located in Richmond, Virginia. 

Gerald Kray (middle right photo), a Senior Director in the firm’s Manhattan office, arranged the financing.

The CMBS financing for this transaction was provided by an investment bank. Terms of the loan are 10 years fixed; the interest rate is at 6.3 percent with a 30 year amortization schedule.  Loan to value was 70 percent.

“Both properties totaled 82 percent occupancy with short term leases and imminent rollover in a flat leasing market,” says Kray.  “This created an underwriting challenge which we successfully structured.”