Wednesday, September 14, 2011

Marcus & Millichap Capital Corp. Arranges $31.7 Million Refinancing in New York City

   

 NEW YORK, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a $31.7 million refinancing loan for a nine-property multifamily and retail portfolio in New York City. The portfolio features 122 residential units and 14 commercial units.

Gerald Kray (top right photo), a senior director in the firm’s Manhattan office, and Jake Roberts (middle left photo) and Anita Paryani (lower right photo), vice presidents capital markets in West Los Angeles, arranged the financing.

“When the borrower first approached us about the transaction, their lender was dragging its feet on providing a suitable refinance for the assets,” says Roberts.

“The client requested a non-recourse mortgage and a large cash-out, which many lenders are averse to providing,” adds Kray.

“After thoroughly reviewing and scrubbing the financials, MMCC notified the client that through our strong banking relationships we believed we could provide proceeds well in excess of what the borrower originally thought was possible and nearly $5 million more than their current lender was offering,” says Paryani.

 “In the end, MMCC arranged the financing through a regional bank that had been aggressive for us on other deals, but was not well known in the market, and we were able to convince them to provide the cash-out needed at an incredible rate.”

The loan is fixed at 5.5 percent for 10 years with 30-year amortization and 70 percent LTV and a step down prepay penalty.

The properties were built in the second decade of the 1900s in prime Manhattan locations.

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

No comments: