Manhattan Office Building One Block from Union Square
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| Christopher Marks |
NEW YORK, NY – Marcus & Millichap Capital Corporation
(MMCC) has arranged $14,000,000 of debt for a 58-unit mixed-use property in New
York City.
Christopher Marks, an associate director in MMCC’s
Manhattan office, arranged the loan.
 |
| David Lloyd |
“Our client was eager to take advantage of the low interest
rate environment,” says Marks. “They intend to use the proceeds of this loan
for construction on another income-producing property.”
“The challenge in this transaction was finding a lender
willing to provide cash-out on an asset with vacant retail units,” adds Marks.
“We demonstrated our value by identifying a bank that was able to see the
advantages of the property’s location, which is one block from Union Square.”
 |
| Sean Beuche |
“Sean Beuche and David Lloyd, both associates
in the Manhattan office of Marcus & Millichap Real Estate Investment
Services, referred the borrower to MMCC,” Marks concludes.
The five-year fixed 30-year term loan amortizes over 30
years at 2.625 percent. The LTV is 50 percent.
For a complete copy
of the company’s news release, please contact:
Ben Johnson
Marketing Director
(925) 953-1736
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