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Brokerage
Posted: February 18, 2011
Rock of MMCC arranges $4.3 million bridge refinancing
Marcus & Millichap Capital Corp. (MMCC) has arranged $4.3 million in bridge refinancing for a multifamily asset in Rockland County. Steven Rock, a senior director in the firm's Manhattan office, arranged the loan.
"MMCC was able to provide valuable insight to the borrower regarding the types of bridge financing available for this project in the current market and work within a tight construction timeline," said Rock. "We closed the loan in less than 30 days including a pre-negotiated discounted payoff."
"Many developers/borrowers are having difficulty securing conventional financing and are willing to pay higher bridge loan rates to complete their projects," said Rock. "This luxury property is part of a master-planned community created by a world-class developer."
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