AUBURN, Wash., Sept. 24, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million, 10-year fixed-rate loan to refinance the Auburn Center, (top right photo) a 45,402-square foot neighborhood retail center located in Auburn.
Glenn Gioseffi, a director in the firm’s Seattle office, arranged the financing package for the center.
“Refinancing to long-term 10-year money is currently a trend we are seeing,” remarks Gioseffi. “For this loan, we were able to source a local lender. The borrower placed a deposit with the lender and received a below market-value interest rate.”
The refinancing package for Auburn Center was provided by a local bank. The loan-to-value is 50 percent and the term is 30 years. The Auburn Center was built in 1991.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716
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