MMCC Arranges $19.8 Million Loan for South Florida Mixed-Use Project
FORT LAUDERDALE, FLA., March 18, 2019 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $19,871,000 refinancing loan for a mixed-use property with 144 apartments and 8,000 square feet of retail space in Dania, Florida.
“The property is a best-in-class, new construction, mixed-use asset in a growing submarket of Fort Lauderdale,” said Robert Hodge, first vice president capital markets in MMCC’s South Bay office. “Prior to commercial lease-up completion and while the 10-year was down, we locked in permanent debt and provided our client with great cash flow for the next 10 years. We leveraged our firm’s relationship with PGIM to obtain the best agency pricing available in the market.”
The 10-year interest-only loan is fixed at 4.4 percent. The loan-to-value is 65 percent.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.