Thursday, April 7, 2011
AT&T Receives 5-Year Fixed-Rate Loan in Florissant, MO
FLORISSANT, MO., March 30, 2011 – Marcus & Millichap Capital Corporation (MMCC) has arranged $1,423,360 million in acquisition financing for a 7,020-square foot retail building in Florissant, MO.
Michael Balan, an Associate Director in the Miami office and Sean Mooney, an Associate Director in the firm’s Manhattan office, arranged the financing for the property.
“With the compression of cap rates for core assets in the New York Market, many investors are seeking higher yielding, value add, and opportunities in the tertiary markets,” states Mooney. “The borrower negotiated to purchase of a vacant Blockbuster that AT&T had already leased and agreed to completely renovate for their use.”
Michael Balan and Sean Mooney worked closely with the borrower to facilitate the completion of his 1031 exchange.
The loan is for five years, amortized over 30 years with a fixed interest rate of 5.89 percent. The loan to value is 66.5 percent and was closed in 37 days.
10-Unit Multifamily Property in Brooklyn, NY Gets $875,000 Loan
BROOKLYN, NY – Marcus & Millichap Capital Corporation (MMCC) has arranged an $875,000 fixed rate loan for the cash-out refinance of a 10-unit multifamily apartment in Brooklyn, New York.
Brian Ursino, an associate director in the firm’s Manhattan office, arranged the financing.
Financing for this transaction was provided by an agency and the terms of the loan are 10 years fixed with a 30 year amortization schedule. Loan to value was 55 percent.
(Downtown Brookly middle right photo)
$1 Million Loan Arranged for Mixed-Use Property in Manhattan
Brian Ursino, (lower left photo) an associate director in the firm’s Manhattan office, arranged the financing.