Kray of MMCC finances $1.5 million fixed-rate loan; for purchase of 13,000 s/f mixed-use property

Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.5 million 25-year fixed-rate loan for the purchase of a 13,000 s/f apartments building in which 2,500 s/f is retail. The property is located at 825-29 Flatbush Ave. Gerald Kray, a senior director at the firm's Manhattan office had arranged the financing package for this mixed-use building. Financing for this transaction was provided by a savings bank at the five year fixed rate of 4.75% reset every five years and a 25-year amortization schedule. Loan to value was 60%.