ROCKLAND COUNTY, N.Y., Dec. 27, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged $4,300,000 in bridge refinancing for a luxury multifamily asset in Rockland County. Steven Rock (top right photo), a senior director in the firm’s Manhattan office, arranged the loan.
“MMCC was able to provide valuable insight to the borrower regarding the types of bridge financing available for this project in the current market and work within a tight construction timeline,” says Rock. “We closed the loan in less than 30 days including a pre-negotiated discounted payoff.
“Many developers/borrowers are having difficulty securing conventional financing and are willing to pay higher bridge loan rates to complete their projects,” adds Rock. “This luxury property is part of a master-planned community created by a world-class developer. Last year, MMCC closed more than 522 transactions in commercial real estate financing.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716
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