BROOKLYN, NY – Marcus & Millichap Capital Corporation (MMCC) has arranged the financing for 592 Henry Street (top left photo), a six unit apartment building with a New Jersey based bank.
Sean Mooney, Associate Director of the firm’s Manhattan
The loan amount was $924,000 and the transaction closed in 65 days. The cash out proceeds are being used by the owner to take advantage of other investment opportunities in the market.
The interest rate is fixed at 4.50 percent for a period of five-years with a five-year option to renew. The prepayment penalty is declining and the owner has the ability to refinance with no penalty in the last 90 days of the loan. The amortization is 30-years and the loan is non-recourse.
Press Contact: J.D. Parker, Vice President - Regional Manager, Manhattan
(212) 430-5100
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