Tuesday, April 5, 2011
Marcus & Millichap Capital Corp. Arranges 7-Year, Fixed-Rate Loan for Mixed-Use Property in Brooklyn, NY
BROOKLYN, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a seven year fixed rate loan for a mixed use property located at 808 Prospect Avenue in Brooklyn, New York.
Sean Mooney, an associate director in the firm’s Brooklyn and Manhattan offices, arranged the financing.
“The property was in great need of rehabilitation, with multiple violations, extensive deferred maintenance, and a certificate of occupancy that did not match the current use,” says Mooney.
Mooney assisted the borrower in correcting the certificate of occupancy issue, cured the violations and negotiated a draw schedule for the rehabilitation that needed to be done.
“Things are defiantly starting to loosen up with respects to financing for rehab and construction,” states Mooney.
The loan is for seven years, amortized over 30 years with a fixed interest rate of 4.875 percent. The loan to cost is 70 percent.
5-Year, Fixed-Rate Loan Arranged for 461 St. John’s in Brooklyn
BROOKLYN, NY-- Sean Mooney and Christopher Marks of Marcus & Millichap Capital Corporation (MMCC) have arranged $350,000 in refinancing for a multifamily property located at 461 St. Johns in Brooklyn, NY.
Sean Mooney an Associate Director of the firm’s Brooklyn & Manhattan office and Christopher Marks, an Associate in the Manhattan office, have arranged the financing for the building.
The loan is for five years, amortized over 30 years with a fixed interest rate of 4.75 percent. The loan to value is 75 percent.
Press Contact: J.D. Parker, Vice-President and Regional Manager, Manhattan