NEW YORK, NY, April 3, 2014 – Marcus & Millichap Capital
Corp. (MMCC), a leading provider of commercial real estate financing and
capital markets expertise, arranged two loans totaling $14.15 million.
A New York City property was refinanced for $7.15 million,
while an acquisition in Coral Gables, Fla. was funded by $7 million in
financing. Jerry Kray, a senior originator in the firm’s Manhattan
office, handled both assignments.
The New
York City property is a six-story, modern mixed-use building, and features
apartments over ground floor retail.
 |
| Gerald Kray |
“The borrower wanted to take advantage of a discounted
payoff opportunity with the existing lender,” says Kray.
“The property was stabilized less than a year ago, which was
a challenge for many lenders but we were able to find one who offered very
attractive terms.” MMCC sourced a 10-year, fixed rate loan at 4 percent. The
loan amortizes over 25 years with a 75 percent loan-to-value.
The Coral
Gables property is 40,370-square-foot portion of a new condominium of office
and retail space. It was only 30 percent occupied, on five floors within the
mixed-use development.
“The borrower is an experienced real estate developer,” says
Kray. “He required a highly leveraged, nonrecourse loan and we closed the transaction
in 30 days. We secured an 80 percent loan-to-value, interest only, non-recourse
loan.”
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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