Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $5.6 million in financing for a mixed-use property at 659 Ninth Avenue in the Hell’s Kitchen neighborhood of New York City. The financing was secured by Robert Damigella, senior director, based out of MMCC’s Boston office.
“This property is well-situated in the rapidly appreciating west side of Manhattan which is experiencing tremendous housing demand,” said Damigella. “As retail picks up in New York amid returns to commercial corridors, mixed-use properties have the ability to combine the strength of the multifamily market with the cashflow upside of retail, which has led to enthusiasm from lenders.”
The 10-year loan has an LTV of 60 percent and a fixed interest rate of 3.75 percent. The five- story property was built in 1920 and includes one 3,000-square foot restaurant space occupied by Mercury bar, a high end sports bar and four multifamily units totaling 5,635-square feet. The property provides nearby access to subway stations and the 42nd Street Port Authority Bus Terminal.