PHILADELPHIA, PA – John Banas and Kris Wood of
Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial
real estate financing and capital markets expertise, arranged five loans
totaling $52.4 million in Pennsylvania in the first month of 2014.
Banas and Wood are both senior directors in the firm’s
Philadelphia office.
“John and
Kris have had an especially strong start in 2014, closing five loans totaling
more than $50 million throughout Pennsylvania,” says John Wilcox, vice
president, eastern region.
“The range of these transactions, in terms of property
types, challenges and clients, is a testament to John and Kris’ experience as
originators and to the power of the Marcus & Millichap platform.”
One of
Banas and Wood’s most significant originations was the $27 million refinance of
a seven-property retail portfolio in Philadelphia. “The borrower chose to
refinance his portfolio instead of sell at this point to take advantage of low
interest rates and the equity in the portfolio,” says Banas. “This proved
challenging as the portfolio was mainly occupied by smaller, in-line retail
tenants. We arranged the refinance and secured terms that satisfied the
borrower’s needs.”
The 10-year loan is fixed for the first five years at an
interest rate of 3.6 percent and amortizes over 30 years. After five years, the rate will reset at 180
basis points over the five-year federal home loan bank rate.
Banas and Wood also arranged an acquisition loan totaling
$18,400,000 for a143-unit student housing portfolio located at Bloomsburg
University in Bloomsburg, Pa. The 12-year loan is fixed for seven years at 4 percent,
interest only during the first year, with a five-year reset. The loan amortizes
over 30 years.
Banas and Wood also closed a $4,900,000 retail banking
center acquisition loan in Newtown Square, Pa. and two multifamily acquisition
financings in Philadelphia totaling $2,180,000.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716
No comments:
Post a Comment