Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $35 million in financing for the acquisition of two shopping centers spanning a total of more than 198,000 square feet in Miami Gardens: the Miami Gardens Shopping Plaza and Las Villas Market Square. The transaction was led by Robert Bhat, Senior Vice President, Capital Markets.
Marcus & Millichap also represented the buyer and seller in the transaction, which was led by Drew Kristol, Senior Vice President, Investments, and Kirk Olsen, Senior Vice President, Investments.
The 10-year, fixed senior loan was structured with a competitive interest rate of 1.76 percent, 75-percent LTV and 25-year amortization. The adjacent retail center properties are located at the prime intersection of NW 183rd and NW 47th in Miami Gardens, while anchor tenants Price Choice and Dollar General provide stability for the centers.
“Essential businesses on major thoroughfares are of great interest to lenders, especially now,” said Bhat. “With interest rates still at historic lows, now continues to be an ideal time for acquisitions, especially well-positioned properties such as these. The centers’ continued performance and buyer’s strong business plan made this a competitive loan.”
Miami Gardens is a growing market, driven by Hard Rock Stadium and the ease of commuting to downtown Miami.
About Marcus & Millichap Capital Corporation
Mission Capital Debt & Equity Finance (MCDE) has arranged over $9 billion of financing in the last ten years. MCDE is now a part of Marcus & Millichap Capital Corporation (MMCC). https://www.missioncap.com/debt-equity/
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. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales, and consultative and due diligence services. In 2020, MMCC closed 1,943 transactions totaling $7.67 billion.
To learn more, please visit:
https://www.missioncap.com/debt-equity/
Construct America Magazine | The Home of Construction Industry News
