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| Manufactured housing communities in Apopka, FL and Arcadia, FL |
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| Andrew C. Burgess |
ARCADIA, FL, Aug. 15, 2013 – Marcus & Millichap Capital
Corporation (MMCC), a leading provider of commercial real estate financing and
capital markets expertise, has arranged the $6,100,000 refinance of two
manufactured housing properties in Arcadia and Apopka, Florida.
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| Jonathan McClellan |
Andrew Burgess, an associate director in MMCC’s
Cleveland office, arranged the loan.
Marcus and Millichap Real Estate Investment Services agents,
Jon McClellan and Kyle Baskin referred the borrower. “The
borrower wanted to provide liquidity for capital improvements to other real
estate,” says Burgess.
“Low occupancy and small loan sizes presented challenges. We
were able to source a lender who saw past those issues. We successfully
mitigated the objections with a strong and stable cash flow at the properties
and by cross collateralizing the loans,” concludes Burgess.
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| Kyle Baskin |
The non-recourse loan has a 10-year fixed rate and is
amortized over 25 years at 4.88 percent. The loan-to-value is 75 percent.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations
Manager
Marcus & Millichap Capital Corp.
(925) 953-1716
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