Marcus & Millichap Capital Corporation Arranges a $28M Construction Loan
CONOVER, N.C., April 5, 2021 – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets solutions has arranged a $28 million construction loan for a 498,000-square-foot single-tenant industrial property in Conover, North Carolina.
The five-year loan, provided by an international bank, was structured with one year of interest-only at a floating rate and 65% loan-to-value. The financing was negotiated by F. Brock Walter, senior managing director capital markets in MMCC’s Cleveland office.
“The property is a built-to-suit furniture distribution center in an area of the Charlotte, North Carolina metropolitan area that is historically well known for furniture making,” said Walter. “The new building creates great distribution efficiencies for a Cleveland, Ohio-based furniture company.”
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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.