Marks and Young of Marcus & Millichap Capital Corp. arrange $1.2 million for 79 Avenue A; Loan placed for a 5,440 s/f mixed-use building in Alphabet City

Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $1.2 million fixed-rate acquisition loan for a 5,440 s/f mixed-use building located on 79 Ave. A, according to J.D. Parker, first vice present-regional manager of firm's Manhattan office. Christopher Marks, associate director, and Kyle Young, associate, in the firm's Manhattan office, arranged the refinancing, which closed with a rate of 4.5%, fixed for a 15-year term with 15-year amortization. The property, located in Alphabet City, was erected in 1920 and is composed of six residential units and two commercial units. "MMCC was able to structure a large cash-out for our client, along with a 15-year fixed program even though there were short lease terms in place. This was accomplished in an environment of rising interest rates and we were still able to obtain great terms," said Young. "We were able to accomplish this alongside a lender with which we have a great and long standing relationship," said Marks.