BROOKLYN, N.Y., Oct. 27, 2008 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $1.8 million fixed-rate loan to refinance a 12,000-square foot office building in the Park Slope neighborhood of Brooklyn. (top right photo)Sean Mooney, the associate director in the firm’s Brooklyn office, arranged the financing package for the multi-tenant office building at 1713 Eighth Ave.
“The property had multiple challenges with construction, zoning and usage issues,” says Mooney.
“MMCC was able to remedy the issues and execute the transaction within the original time frame.” (Typical Park Slope neighborhood, bottom left photo)
Financing for this transaction was provided by a commercial bank at a 6.12 percent fixed rate. Terms of the loan are for 5 years with a 30-year amortization schedule. Loan-to-value was 75 percent.“MMCC was able to provide favorable rates and terms on this transaction that exceeded the expectations of the borrower,” says Mooney.
Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704
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