MANHATTAN MIXED-USE BUILDING RECEIVES $5M LOAN
NEW YORK, N.Y/ – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5 million fixed-rate, nonrecourse loan to refinance a 44-unit apartment building with four retail spaces in the Union Square neighborhood of Manhattan. (top left photo)
NEW YORK, N.Y/ – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5 million fixed-rate, nonrecourse loan to refinance a 44-unit apartment building with four retail spaces in the Union Square neighborhood of Manhattan. (top left photo)
Sean Mooney, an associate director in the firm’s Brooklyn office, arranged the financing package for the mixed-use multi-family and retail building.
Financing for this transaction was provided by a commercial bank at the rate of 5.75 percent. Terms of the loan are for 10 years with a 30-year amortization schedule. Loan to value was 65 percent.
“MMCC was able to deliver an attractive finance package that included a nonrecourse loan which was an added incentive for our borrower to close the transaction with MMCC,” states Mooney.”
SAN JOSE, CA MOBILE HOME COMMUNITY OBTAINS $9M LOAN
SAN JOSE, CA – Mark One Capital has arranged a $9 million loan for the acquisition of Mobile Manor, (bottom right photo) a 22-acre mobile home community in San Jose.
SAN JOSE, CA – Mark One Capital has arranged a $9 million loan for the acquisition of Mobile Manor, (bottom right photo) a 22-acre mobile home community in San Jose. Marshall De Wolfe, a senior director in the firm’s Palo Alto office, arranged the financing package for the 200-pad mobile home community.
“There is a limited supply of mobile home communities in the city of San Jose,” says De Wolfe. “This property type is in high demand and Mobile Manor was fully occupied at the time of its sale, making this asset a stable investment.”
Financing for this transaction was provided by a commercial bank at fixed rate of 6.25 percent for the first five years. The 30-year loan amortizes in 30 years. Loan-to-value is 66 percent.
“The borrower wanted a mild prepayment penalty and Mark One Capital was able to deliver loan terms that included a 1 percent prepayment in the first five years but allowed for a 20 percent principal reduction without penalty in those first five years,” notes De Wolfe.
“Mark One added additional value to the loan by adding two multi-family, cash-out refinance transactions that provided a partial source of down payment for Mobile Manor.”Press Contact: Kathy Molitor, Mark One Capital, (925) 953-1704 kathryn.molitor@markonecapital.com