Marcus & Millichap Capital Corp. (MMCC) has arranged $16,000,000 million in refinancing for a student housing complex located at 17 Locust Avenue, New Rochelle, New York,.
Senior Vice President and MMCC National Director Richard Katzenstein said the refinancing was led by Steven B. Rock, of the firm’s Westchester office.
The building’s ownership chose to refinance the senior construction loan and Rock was able to provide $16 million in fixed loan financing at 4.98 percent rate and 65 percent LTV over a three-year term with 18 months interest only. “I provided very attractive and creative loan options and built a great relationship with the borrower,” said Rock. The property is a newly built 94-unit student housing building with the capacity for 282 students.
The opportunity of refinancing a student housing structure had a particular set of difficulties that Rock overcame. “The Master Lease from the local college was challenging, however, we overcame it because we had an experienced borrower with strong financials, a well-populated college, and great real estate and location.”