Marks and Young of Marcus & Millichap secure $1.35m in financing; 1031-exchange facilitated by Kunofsky and Nardi

Marcus & Millichap Capital Corp.(MMCC), one of the leading providers of commercial real estate financing and capital markets expertise, has arranged a $1.35 million fixed rate loan for the refinancing of a single-tenant KFC located on 3890 State Rte. 281, according to J.D. Parker, first vice president - regional manager of Marcus & Millichap'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 4.25%, fixed for a 10-year term with 20-year amortization. Marks said, "The client did an all cash purchase via a 1031-exchange, facilitated by Glen Kunofsky, executive vice president investments, and Richard Nardi, investment associate, both from Marcus & Millichap's Manhattan office. We facilitated with the refinancing transaction afterwards." "Given all the moving parts, occurring simultaneously during a 1031 tax-deferred exchange, we were able to close this loan in minimal time and lock in a great rate despite the volatility of the market," Young said.