Marcus & Millichap Capital Corp. (MMCC) has arranged a $15 million loan to refinance a new rental development in Hell’s Kitchen.
Steven Rock, of the firm’s Westchester office, and Christopher Marks, of the firm’s Manhattan office secured the loan on behalf of Emmut Properties, which developed the seven story, 45-unit building at 521-523 West 48th Street.
The seven-year loan was structured with a 3.125 percent fixed interest rate and 75 percent loan-to-value.
Emmut Properties acquired the site for $18.4 million in 2018, according to public records. The company, led by John Young, demolished the parking garage that occupied the site and built the new rental building which offers its residents a furnished roof deck.
“This refinance represents the ongoing value of the property, which has managed to retain strong occupancy and collection rates despite the COVID-19 health crisis,” said Rock.