SOMERS POINT, N.J., May 24, 2011 – Marcus & Millichap Capital Corporation (MMCC) has secured a $7,500,000 refinancing loan for a 214-unit multifamily property in Somers Point, N.J, according to Michael J. Fasano (top right photo), vice president and regional manager of the firm’s New Jersey office.Joshua Lipsey (middle left photo), an associate director in MMCC’s New Jersey office, delivered the financing for the loan.
“MMCC delivered a rate that was well below agency pricing,” says Lipsey. “We were able to craft the terms of the transaction in order to meet our client’s needs.
"This included working with the bank to allow the borrower to pay down a portion of the principal each year without penalty. We were also able to lock the interest rate at application for an extended period of time in order to help our client avoid defeasance costs on the existing debt,” adds Lipsey.“When state registration issuance delays threatened to derail the closing, we were able to coordinate the re-inspection with the New Jersey Department of Community Affairs to complete their review, abatement and the issuance of a new five-year registration,” continues Lipsey.
“When the property condition report raised potential issues, our team, in collaboration with the bank, was able to remove a significant property improvement reserve. With the support and hands-on engagement of the client, all repairs and improvements were completed within 30 days at a fraction of the potential contemplated reserve,” Lipsey goes on.
“When clients come to MMCC, they want to know that we will take all the necessary steps to get to the closing table,” concludes Lipsey.
“This transaction is another example of our commitment to meeting that expectation and of the value-added services we provide in the execution of acquisition and refinancing for our clients.”
The loan is for 10 years with a fixed interest rate, amortized over 30 years and nonrecourse.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716
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