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