$13.3 Million Office Acquisition Financing Arranged by MMCC
ATLANTA, July 25, 2019 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing, has arranged a $13.3 million acquisition loan for a six-story, 106,574-square-foot office building in the Cumberland/Galleria district northwest of Atlanta.
“This placement is a good example of how to take advantage of the extremely low fixed rates, high leverage and good terms available in the marketplace today,” commented Tim Kinney, first vice president capital markets in MMCC’s Atlanta office. “Our private client/family office practice here in Atlanta was a perfect fit for the borrower, who purchased the building as part of a 1031 exchange.” Kinney and Chad Plumly, an MMCC director, arranged the financing.
The 10-year loan is fixed at 4.18% and has two years of interest-only. The loan-to-value is 70%.
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About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. Through its network of national, regional and local lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. In 2018, MMCC closed over 1,600 commercial real estate financing transactions totaling $6.2 billion. To learn more, please visit: www.mmCapCorp.com.
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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.