BROOKLYN, NY – Marcus & Millichap Capital Corporation (MMCC) has arranged the financing for this 17 unit mixed-use apartment building (bottom left photo) located on Franklin Avenue in Brooklyn, New York.
Sean Mooney (top right photo) Associate Director of the firms Manhattan office, had prepared the financing for this building.
The note on the subject property was sold from Capital One Bank to an opportunistic investor who was attempting to foreclose on asset. The property was ½ vacant due to a fire and the insurance proceeds were not enough to cover reconstruction.
The loan amount was $900,000 and proceeds were used to pay off the current note holder and finish construction. This transaction was challenging due to the vacancy, fire damage and foreclosure action. Sean Mooney worked closely with the borrower’s attorney to expedite the financing.
The property was financed by a local New York City bank on a three-year term at a 5.5 percent rate. The loan is full recourse and based on a 25-year amortization.
Press Contact: J.D. Parker, Vice President - Regional Manager, Manhattan
(212) 430-5100
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