$52.4 Million in Financing Arranged by John Banas and Kris Wood of Marcus & Millichap Capital Corp. in January 2014

 PHILADELPHIA, PA – John Banas and Kris Wood of Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, arranged five loans totaling $52.4 million in Pennsylvania in the first month of 2014.

Banas and Wood are both senior directors in the firm’s Philadelphia office.

            “John and Kris have had an especially strong start in 2014, closing five loans totaling more than $50 million throughout Pennsylvania,” says John Wilcox, vice president, eastern region.

“The range of these transactions, in terms of property types, challenges and clients, is a testament to John and Kris’ experience as originators and to the power of the Marcus & Millichap platform.”

            One of Banas and Wood’s most significant originations was the $27 million refinance of a seven-property retail portfolio in Philadelphia. “The borrower chose to refinance his portfolio instead of sell at this point to take advantage of low interest rates and the equity in the portfolio,” says Banas. “This proved challenging as the portfolio was mainly occupied by smaller, in-line retail tenants. We arranged the refinance and secured terms that satisfied the borrower’s needs.”

The 10-year loan is fixed for the first five years at an interest rate of 3.6 percent and amortizes over 30 years.  After five years, the rate will reset at 180 basis points over the five-year federal home loan bank rate.

Banas and Wood also arranged an acquisition loan totaling $18,400,000 for a143-unit student housing portfolio located at Bloomsburg University in Bloomsburg, Pa. The 12-year loan is fixed for seven years at 4 percent, interest only during the first year, with a five-year reset. The loan amortizes over 30 years.

Banas and Wood also closed a $4,900,000 retail banking center acquisition loan in Newtown Square, Pa. and two multifamily acquisition financings in Philadelphia totaling $2,180,000.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716