VENICE, FL – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5,571,000 loan for the acquisition of a Walgreens drugstore located in Venice, which is located in the Bradenton-Sarasota-Venice metropolitan statistical area.
Danny Abergel (middle right photo), a director in MMCC’s Encino, Calif. office, arranged the financing.
“The borrowers were in a 1031 exchange and needed to close,” says Abergel. “However, many lenders were reluctant to get involved because of the property’s high rent per square foot or because they had already filled their quota of Walgreens loans.
“Some banks have so many Walgreens loans in their portfolios that they can’t acquire any more due to risk concentration,” adds Abergel.
“Our clients wanted a long-term fixed-rate loan but had cash flow requirements as well,” continues Abergel.
“MMCC found a lender with an appetite for Walgreens and we negotiated a 22-year fixed-rate loan on a 25-year amortization schedule at an extremely competitive rate that gave the borrowers exactly what they wanted: long-term stability and a high cash flow.”
“We were able to meet the client’s deadlines and structure the transaction so that the borrower didn’t have to come up with any extra cash,” Abergel concludes.
The loan has a fixed 4.75 percent interest rate. The LTV is 60 percent.
The property was built in 2009.
Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716
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