Marcus & Millichap Capital Corp. Arranges $6.6 Million Automotive Loan



Steven Goldwyn

FORT LAUDERDALE, FL – Marcus & Millichap Capital Corporation (MMCC) has arranged an automotive loan totaling $6.6 million.

Steven Goldwyn, an associate director in MMCC’s Fort Lauderdale office, arranged the loan.

The loan was arranged to replace existing debt for an eight-store retail portfolio of triple-net-leased, freestanding automotive locations in three states: Louisiana, Mississippi, and Ohio.

“This loan presented a number of challenges,” says Goldwyn. “It involved a portfolio of multiple properties across state lines; the properties were all relatively small with debt requirements of less than $1 million per asset. Additionally, the properties were located in tertiary submarkets, the property type was automotive, and the tenants were not investment grade.”

“In spite of these challenges,” Goldwyn adds, “we were able to successfully execute the loan for our client by conducting an exhaustive search for the right capital source. Through the process we were able to deliver more favorable terms which significantly enhanced cash flow given our client’s initial plan seek life insurance company debt,” Goldwyn concludes.

The loan was structured with a five-year term and will amortize over 25 years at an interest rate of 5.65 percent. The LTV is 65 percent.

Contact:

Stacey Corso

Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716