Marcus & Millichap Capital Corporation Arranges $34.4M Bridge Loan for Williamsburg Multifamily
BROOKLYN, N.Y., Jan. 20, 2021 – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged a $34.4M interest-only bridge loan to refinance a 117-unit multifamily property and 4,000-square-foot commercial unit in Brooklyn’s Williamsburg neighborhood.
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. 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.
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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.