Pins and Kimchy of MMCC negotiate $6.732 million

Marcus & Millichap Capital Corp. (MMCC) has arranged $6.732 million to refinance three, 13,800 s/f, single-tenant Rite Aids located in Shelby, N.C., Dubois, Pa., and Lebanon, Tenn., according to J.D. Parker, first vice president and regional manager of Marcus & Millichap's Manhattan office. Anita Pins, associate director, arranged the refinancing with assistance from Barry Kimchy, associate vice president investments, both in the firm's Manhattan office. The transaction closed with a rate of 4.5%, fixed for a 10-year term with 23-year amortization. Pins said, "The financing posed a challenge when one of the Rite Aids appraised for less than the amount required by the lender's original term sheet. However, I was able to work with the lender to find a creative solution that allowed them to increase the LTV and close with the proceeds the borrower wanted." Constructed in 2003, the assets are located on highly trafficked transportation routes in North Carolina, Pennsylvania and Tennessee. The refinancing followed the sale of the properties as Eckerd Drug Stores with 20-year leases, arranged by Kimchy. As the original mortgages were maturing, the client returned to Marcus & Millichap, seeking new 10-year loans. "The borrower had an exclusive, long-term relationship with Marcus & Millichap, and without hesitation, asked the firm to handle these transactions," Pins said.