SYRACUSE, N.Y. – Marcus & Millichap Capital Corporation (MMCC) has arranged a $9,375,000 cash-out refinancing loan for a New York State multifamily property portfolio.
The loan amounts and locations are:
$4,070,000, Lafayette, N.Y.; $2,550,000, Tully, N.Y.: $2,755,000, Lafayette, N.Y.
Brian Ursino, an associate director in the firm’s Manhattan office, arranged the loan.
“The borrower had existing recourse financing from a local lender at rates above 6 percent with 25-year amortizations,” says Ursino.
“I leveraged my relationship with the lender and used critical local market knowledge to secure an opinion of value that was in accordance with the targeted value needed to maximize the loan proceeds for a cash-out refinancing.
“In this market, strong lender relationships and market knowledge are critical when closing transactions,” adds Ursino.
“Additionally, I was able to negotiate a nonrecourse loan, secure $1.3 million in cash-out proceeds and increase the borrower’s cash-flow by $44,000 per year,” Ursino concludes.
The loan has a 75 percent LTV, a 5.05 percent interest rate fixed for 10 years and a 30-year amortization.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation,
(925) 953-1716
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