WASHINGTON, D.C., June 24, 2013 – Marcus & Millichap
Capital Corporation (MMCC) has arranged $6,380,000 in financing for the
purchase of a church in Landover, Md.
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| Kevin Thurman |
Kevin Thurman, an associate director in MMCC’s
Washington, D.C. office, arranged the funding.
“The borrower wanted a church located closer to its
congregation than the existing facility,” says Thurman. “The purchase of a new
facility required the sale of the existing real estate.”
“Stacey Milam, first vice president investments in
the Washington, D.C. office of Marcus & Millichap Real Estate Investment
Services, is representing the buyer in that transaction, which is currently
under contract,” Thurman continues.
 |
| Stacey Milam |
“Before coming to us, the borrower tried to obtain financing
through five different lenders but was unsuccessful because the acquisition
property was part of a bankruptcy/pre-foreclosure proceeding, and the lenders
requested a significant down payment,” adds Thurman.
“Challenges to the
financing continued when one lender rescinded its commitment and the back-up
lender refused all bank-ordered third-party reports.
“Through our close relationships with the lending community
and creative problem solving, MMCC was able to bring the initial lender back to
the table and close the transaction,” Thurman concludes.
The financing was structured so the borrower brought just
$200,000 to closing, which met the client’s original objective of a minimal
down payment.
The five-year loan is fixed at 5.5 percent with 30-year
amortization. The LTV is 55 percent
For a complete copy of the company’s news release, please
contact:
Gina Relva,
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716
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