Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $3.3 million acquisition loan for the purchase of 400 Bayonet Street, a Class-A, multi-tenant office building located in New London, Connecticut.
Robert Damigella, Senior Director of Capital Markets at the MMCC Boston office, secured the financing on behalf of the client.
Built in 1987, the four-story, 35,756-square-foot office building is comprised of 23 office suites and 118 parking spaces. Major tenants at the property include ServiceMaster Restoration, Orkin, FNP Medical Services, and State Farm Insurance.
“MMCC understood the borrower’s needs and secured a superior execution for the acquisition of 400 Bayonet Street,” said Mr. Damigella. “The Connecticut office market is showing clear signs of improvement and the acquisition of this Class-A property with quality tenancy offers the new owner an opportunity to tap into the sector’s continued recovery.”
The 10-year fixed loan has a 4.75 percent interest rate, 30-year amortization and a 75% LTV.