APARTMENT BUILDINGS IN MANHATTAN AND QUEENS GET $873,000 LOAnNEW YORK, N.Y.– Marcus & Millichap Capital Corporation (MMCC) has arranged an $873,000 fixed-rate loan to refinance two apartment buildings located at 439 Bleecker St. in Manhattan and 119-154 Hillside Ave. in the Richmond Hill section of Queens.(top left site map)
Sean Mooney, an associate director in the firm’s Brooklyn office, arranged the financing package for this two-building New York City apartment portfolio.
“The properties were financed as a portfolio with release provisions so the borrower could sell, refinance or convert the apartment to condos separately,” says Mooney. “MMCC was able to offer the borrower a unique f
inance package that gave them the flexibility they were seeking, as well as obtaining the best rates and terms.”
inance package that gave them the flexibility they were seeking, as well as obtaining the best rates and terms.” Financing for this transaction was provided by a commercial bank at a 6.38 percent fixed rate. Terms of the loan are for 5 years with a 30-year amortization schedule. Loan-to-value was at 60 percent for 439 Bleecker St. and the LTV for 119-154 Hillside Ave. in Queens was 70 percent.
BROOKLYN APARTMENT BUILDING RECEIVES $800,000 LOAN
BROOKLYN, NY--Marcus and Millichap Capital Corporation (MMCC) has arranged an $800,000 fixed-rate loan to refinance a 10-unit apartment building located at 132 Lafayette Ave. in Brooklyn. (middle right site map)
BROOKLYN, NY--Marcus and Millichap Capital Corporation (MMCC) has arranged an $800,000 fixed-rate loan to refinance a 10-unit apartment building located at 132 Lafayette Ave. in Brooklyn. (middle right site map)
Sean Mooney, an associate director in the firm’s Brooklyn office, arranged the financing package for the apartment building.
“The property had multiple environmental challenges that we had to resolve in order to obtain optimal financing,” says Mooney.
“MMCC was able to remedy the issues and execute the transaction three weeks before the closing deadline.”
Financing for this transaction was provided by a commercial bank at a 6.13 percent fixed rate. Terms of the loan are for 5 years with a 30-year amortization schedule. Loan-to-value was 75 percent.
HARLEM OFFICE BUILDING IN MANHATTAN OBTAINS $300,000 LOAN
NEW YORK, N.Y.– Marcus & Millichap Capital Corporation (MMCC) has arranged a $300,000 fixed-rate loan to refinance an eight-unit apartment building located at 109 W. 130th St. in Manhattan’s Harlem neighborhood.
NEW YORK, N.Y.– Marcus & Millichap Capital Corporation (MMCC) has arranged a $300,000 fixed-rate loan to refinance an eight-unit apartment building located at 109 W. 130th St. in Manhattan’s Harlem neighborhood.
Sean Mooney, an associate d
irector in the firm’s Brooklyn office, arranged the financing package for the Harlem apartment building. “The borrower faced some challenges in obtaining financing for the property,” says Mooney. “MMCC was able to navigate through the complex legal structure of the deal, which resulted in minimizing tax implications for the borrower.”
Financing for this transaction was provided by a commercial bank at a 6.38 percent fixed rate. Terms of the loan are for 5 years with a 30-year amortization schedule. Loan-to-value was 70 percent.
Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704
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