Marcus & Millichap Capital Corp. Arranges $4.25 Million Loan in New Jersey

     

WOODBRIDGE, NJ – Marcus & Millichap Capital Corporation (MMCC) has arranged $4.25 million in refinancing for a 14,917-square foot shopping center in Woodbridge, N.J.

Joshua Lipsey (middle left photo) and Michael Chavkin (top right photo), commercial loan associates in the firm’s New Jersey office, arranged the loan.

“The refinance was a take-out of a first mortgage and construction loan,” says Lipsey. “The existing lender did not honor the initial loan terms regarding the rollover permanent financing and also tied up $500,000 in a non-interest bearing account.

“The borrower wanted long-term permanent financing so the 20-year, self-liquidating loan fit perfectly into this investment strategy, “adds Lipsey.

The loan is fixed for 20 years at an interest rate of 6.10 percent. The LTV is 70 percent.

 “The demand for long-term money from our clients is very common,” Lipsey continues. “However, most portfolio lenders are not willing to extend past seven years.

“For this loan, we leveraged MMCC’s relationship with the lender to provide the client with exceptional terms including long-term money, burn-off recourse and a higher-than-market LTV,” he concludes.

 Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation,

(925) 953-1716, http://www.mmcapcorp.com/