Friday, November 1, 2013

Marcus & Millichap Capital Corp. Arranges $17 Million Bridge Financing for Hospitality and Marina Construction in St. Joseph, MI


Rendering of planned luxury boutique hotel and marina in St. Joseph, MI

Dean Giannakopoulos
ST. JOSEPH, MI– Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, Michigan.

            Dean Giannakopoulos in the firm’s Chicago Downtown office and Steven Rock in its Manhattan office arranged the loan.

Steven Rock
            “The borrower required a construction loan to build a hospitality and marina project with a very tight timeframe,” says Rock. “MMCC secured a lender that was able to meet the borrower’s financing needs and close quickly.”

            “The property is located  near the waterfront of Lake Michigan and  will feature 92 hotel rooms, 14 luxury condominiums, conference space, a spa, and a 60 slip marina,” adds Giannakopoulos.

“The adjacent PGA signature golf course will be hosting the 75th Anniversary Senior PGA tour event, which added to our tight financing timeframe.”

Charles Krawitz
            “This construction loan was complicated and had to be closed quickly,” says Charles Krawitz, vice president/central region of MMCC. “Dean and Steve did a great job delivering both loans,” Krawitz concludes.

The three-year, interest only loan featured a 70 percent loan-to-value advance.

  For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716
         

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