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Posted: April 21, 2014
Kray of Marcus & Millichap Capital Corp. arranges $7.15 million loan to refinance 4102 13th Avenue, Brooklyn, a six-story, mixed-use building
Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, arranged a $7.15 million refinance loan. Jerry Kray, a senior originator in the firm's Manhattan office handled the deal.
The property, located at 4102 13Âth Ave., is a six-story, modern mixed-use building, and features apartments over ground floor retail. "The borrower wanted to take advantage of a discounted payoff opportunity with the existing lender," said Kray. "The property was stabilized less than a year ago, which was a challenge for many lenders but we were able to find one who offered very attractive terms."
MMCC sourced a 10-year, fixed-rate loan at 4%. The loan amortizes over 25 years with a 75% loan-to-value.Âth Avenue - Brooklyn, NY
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