COCONUT CREEK, FL – Marcus & Millichap Capital Corporation (MMCC) has arranged a $7.5 million fixed-rate loan to refinance Westcreek Plaza, (aerial photo at left) a 38,000-square foot retail center located at 4800 W. Hillsboro Blvd. in Coconut Creek.Michael McCleary, (photo below at right) associate director of the firm’s Fort Lauderdale office, arranged the financing for Westcreek Plaza. “Many investors are assessing the current state of the market and choosing to optimize their equity by refinancing as a hedge against short- to medium-term volatility in cap rates,” states McCleary. “A number of our clients are view such transactions as an opportunity to access capital for attractive future buying opportunities.”
“Many of our clients are unaware of just how drastically the commercial lending pendulum has swung,” says McCleary. “In today’s market, it is essential to work with a financial intermediary that has a proven track record and comprehends the intricacies of a given deal.”
Financing for the property was provided by a commercial lender at 117 basis points over the five year swap rate with a five-year term and 30-year amortization. Loan-to-value for this transaction was 75 percent.
Contacts:
Kathy Molitor
Marcus & Millichap Capital Corporation
(925) 953-1704
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/
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