Sunday, June 2, 2013

Marcus & Millichap Capital Corp. Arranges $14 Million Cash-Out Refinance in New York City



                              Manhattan Office Building One Block from Union Square
           
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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