Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $3 million in financing for two properties a mixed-use property at 3 Pearl Street in Mystic, Connecticut, and a daycare center at 1501 North Nova Road in Holly Hill, Florida. The financings were exclusively secured by MMCC’s Robert Noeldechen, vice president, based in
New Haven, Connecticut.
“We were able to secure competitive financing terms for properties in high-growth suburban markets that offer consistent tenant bases,” said Noeldechen. “Residential and Day Care Centers continue to be in demand from Clients. As schools and businesses return to their campuses and occupancy rates return to normal levels parents are placing children in back in daycare as they no longer work from home.”
The $1.54 million loan for the mixed-use property has an interest rate of 4 percent and an LTV of 80 percent. The two-story, 5,284 square foot property has seven multifamily units and two commercial spaces. It was built in 1843 and has been renovated throughout the past 10 years. The property is located in the historic Seaport Village and has upscale residential units within walking distance of local attractions, including the Mystic Seaport & Museum.
The $1.4 million loan has a 10-year term and a 5-year loan with an additional 5-year term and has an interest rate of 3.8 percent and an LTV of 75 percent. Kid City USA Enterprises, a national provider of early childhood education, occupies the 8,150 square foot space. The property is located in the Holly Hill suburb of Dayton Beach.