Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $20 million in financing for the Class-A office condominium located at 633 3rd Avenue in New York City. Built in the 1960s, the 41-story, one million-square foot property includes office and ground floor retail space. The financing was secured by Daniel H. Lisser, senior director, and Rick Lechtman, first vice president, based out of MMCC’s Manhattan’s office.
“This was our second financing for the same property, having previously arranged a loan in 2019,” said Lisser. “Including the initial funding, over $30 million is being spent to improve and modernize the property.”
The 12-year loan has an interest-only term of two years, at an interest rate which will float during the first two years, and then be fixed at a rate in the low 5.00% range for the rest of the term. The property is located on the east side of 3rd Avenue between 40th and 41st streets in Midtown East and was previously converted into a condominium structure and sold to a diverse group of owners. In addition, all loan proceeds will be used for capital improvements to the property.