Marcus & Millichap Capital Corp. arranged two loans totaling $14.15 million. A New York City property was refinanced for $7.15 million, while an acquisition in Coral Gables, Fla. was funded by $7 million in financing. Jerry Kray, a senior originator in the firm’s Manhattan office, handled both assignments.
The New York City property is a six-story, modern mixed-use building, and features apartments over ground floor retail.
“The borrower wanted to take advantage of a discounted payoff opportunity with the existing lender,” says Kray. “The property was stabilized less than a year ago, which was a challenge for many lenders but we were able to find one who offered very attractive terms.” MMCC sourced a 10-year, fixed rate loan at 4 percent.
The loan amortizes over 25 years with a 75 percent loan-to-value.
The Coral Gables property is 40,370-square-foot portion of a new condominium of office and retail space. It was only 30 percent occupied, on five floors within the mixed-use development. “The borrower is an experienced real estate developer,” says Kray. “He required a highly leveraged, nonrecourse loan and we closed the transaction in 30 days. We secured an 80 percent loan-to-value, interest only, nonrecourse loan.”