Thursday, February 17, 2011
DUNDEE, MI – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4,284,000 credit-tenant lease (CTL) loan for the purchase of a 13,650-square foot Walgreens drugstore in Dundee.
Steven Wiltshire, an associate director in the firm’s Portland office, arranged the loan.
“In this transaction, MMCC sourced funds from bond investors for competitive leverage at 92 percent loan to value and a debt coverage ratio of 1.01,” says Wiltshire.
“The borrower is from Australia and not only were we able to qualify him, but due to our leverage, his down payment and loan cost amounted to less than 10 percent all in, which is a great return on his initial investment. CTLs are one of the safest investments in this market place,” adds Wiltshire.
The loan is for 23 years, amortized over 23 years with a fixed interest rate of 6.05 percent.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation,