$19.65 Million Cash-Out Nonrecourse Refinancing Arranged by Marcus & Millichap Capital Corp.
LARGO, FL., May 7, 2020 – Marcus & Millichap (NYSE: MMI), a leading provider of commercial real estate financing and capital markets expertise has arranged a $19.65 million non-recourse loan to refinance 153 fractured condominium units in Largo, Florida.
“Accumulated since 2013 for a combined purchase price of $12.4 million, these units are 87% of the property’s total,” said Robert Bhat, first vice president capital markets in MMCC’s Miami office. “The owners are very experienced operators who completed a major renovation at the property that added significant value. After listening to our clients’ needs, we sourced several capital options that resulted in securing a 10-year fixed rate at 3.06% with a loan-to-value of 75% and meaningful cash-out to the owners. The first three years of the loan are interest-only, followed by a 30-year amortization.”
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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.