Brooklyn, NY Marcus & Millichap Capital Corp. (MMCC) arranged a $34.4 million interest-only bridge loan to refinance a 117-unit multifamily property and 4,000 s/f commercial unit in the Williamsburg neighborhood.
The five-year loan, provided by a private lender, was structured with three years of interest-only, a 3.65% interest rate and 75% loan-to-value. The loan was negotiated by Steven Rock who is based in the company’s White Plains office.
“The financing allows the borrower to continue their strategic lease-up program to stabilize this iconic asset,” said Rock.
Originally built and used as a pencil factory, the property was redeveloped in 2012 into a luxury loft-style multifamily property that highlights the original industrial finishes of the building.
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