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| Matthew Rosenberg |
HATFIELD, PA – Marcus & Millichap Capital Corp. (MMCC),
a leading provider of commercial real estate financing and capital markets
expertise, has arranged $7,659,300 in bridge financing for a mixed-use
development project in Hatfield, Pa.
Matthew Rosenberg, associate director in MMCC’s
Philadelphia office, arranged the financing.
“Our client needed to fund site improvements that would add
significant value to the property, but the existing lender was unwilling to
increase their loan amount,” says Rosenberg.
“We analyzed the client’s needs and MMCC identified a
regional lender that provided a bridge- to-perm loan that would both replace
the existing mortgage and provide the owner with additional proceeds.
"We
arranged 18 months of interest-only financing through the construction phase.
After that, the loan converts to a permanent loan,” Rosenberg concludes.
The loan was structured with an 18-month initial term, an
18-month extension and an interest rate of 4.25 percent. The LTV is 65 percent.
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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