Marks and Etienne of Marcus & Millichap Capital Corp. arrange $1.625 million in refinancing; For three mixed-use Brooklyn properties totaling 10,084 s/f

Marcus & Millichap Capital Corp. (MMCC) has arranged $1.625 million to refinance three mixed-use buildings, according to J.D. Parker, regional manager of the firm's Manhattan office. Christopher Marks, in the firm's Manhattan office and, Steven Etienne, from the Brooklyn office, arranged the refinancing. The properties were located on Franklin St. and Meserole Ave. in the Greenpoint section. The third building is located on Vanderbilt Ave. in Clinton Hill. The portfolio included eight apartments and four commercial store fronts, totaling 10,084 s/f. "Through our platform we were able to quickly build up competition among local lenders; ultimately capital from outside of the tri-state area came in to win the deal with more favorable terms and a quick closing for our borrower," said Etienne. "The transaction posed a challenge with us having to find a lender that was comfortable with a substantial cash-out, as well as the large mixed-use component of all three buildings," said Marks. The transaction closed with a rate of 5.54%, fixed for a 10-year term with 30-year amortization.