Marcus & Millichap Capital Corp. (MMCC) has arranged $1.2 million to refinance a 22,500 s/f apartment building located on 444 East 187th St., according to J.D. Parker, first VP - regional manager of the company's Manhattan office. Anita Pins, associate director, in the Manhattan office, arranged the refinancing.
The transaction closed with a rate of 3.9%, fixed for the first five-years of the term, and adjustable for the remainder of the 10-year term with 30-year amortization.
The 21-unit, multifamily apartment building, was erected in 1910 and sits in the Fordham neighborhood, located on the west side of Bronx County.
"The owner had renovated the property years ago with a private loan at 8% and subordinate city subsidy at 1% resulting in a blended rate of 5%. When interest rates fell below that level, it made sense to refinance both loans with new debt under 4%. The client was able to fully recapture his original investment by borrowing $1.2 million, of which $600,000 was cash out," said Pins.