Thursday, August 15, 2013

Marcus & Millichap Capital Corp. Arranges $6.1 Million Manufactured Housing Refinance in Florida

  
Manufactured housing communities in Apopka, FL and Arcadia, FL


Andrew C. Burgess
ARCADIA, FL, Aug. 15, 2013 – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged the $6,100,000 refinance of two manufactured housing properties in Arcadia and Apopka, Florida.

Jonathan McClellan
Andrew Burgess, an associate director in MMCC’s Cleveland office, arranged the loan.

 Marcus and Millichap Real Estate Investment Services agents, Jon McClellan and Kyle Baskin referred the borrower. “The borrower wanted to provide liquidity for capital improvements to other real estate,” says Burgess.

“Low occupancy and small loan sizes presented challenges. We were able to source a lender who saw past those issues. We successfully mitigated the objections with a strong and stable cash flow at the properties and by cross collateralizing the loans,” concludes Burgess.

Kyle Baskin
The non-recourse loan has a 10-year fixed rate and is amortized over 25 years at 4.88 percent. The loan-to-value is 75 percent.

For a complete copy of the company’s news release, please contact:

Gina Relva
 Public Relations Manager
Marcus & Millichap Capital Corp.
(925) 953-1716


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