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Brokerage
Posted: July 29, 2013
Rock and Kray of MMCC arrange $13.8 million in financing
Marcus & Millichap Capital Corporation (MMCC) has arranged a $13.8 million fixed-rate loan for the refinancing of four retail shopping centers located on the highly trafficked Central Park Avenue .
Steven Rock and Gerald Kray, senior directors in the firm's Manhattan office, arranged the refinancing, which closed with a rate of 3.8%, fixed for a 5-year term with 25-year amortization.
Rock said, "The transaction was very desirable for the small local family owner/operator because we refinanced at a much lower rate than the prior lender and higher leverage to provide the owner with additional cash out proceeds."
"This transaction also had many challenges. The properties consist of 27 total tenants which were mostly small local businesses and noncredit rated tenants which made it challenging to underwrite the loan," said Kray.
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