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Brokerage
Posted: July 28, 2014
Marks and Rock of Marcus & Millichap Capital Corp. place two loans totaling $24.2 million
Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged two loans totaling $24.2 million in New York City. A 30-unit residential property and a three-unit mixed-use commercial property on 10th Ave. received $14.7 million; and a 30-unit residential mid-rise apartment on West 51st St. received $9.5 million.
Chris Marks, in the firm's Manhattan office, and Steve Rock in the Westchester office handled both assignments.
"The borrowers wanted to secure more attractive terms for their maturing loans," said Rock. "We identified a lender that provided favorable underwriting and met the client's financing goals."
MMCC sourced two 7-year, fixed-rate loans at 3.9%. The loans amortize over 30 years with a 70% loan-to-value.
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