Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged a $6.75 million debt acquisition for a medical office property operated by Fresenius & Elite Plastic Surgery at 2662 & 2700 Hollywood Blvd. Chris Marks, Senior Managing Director in MMCC’s Manhattan office, arranged the financing.
The financing is a five-year loan with a three-year interest-only period at an interest rate of 3.65 percent. It was structured with an LTV of 55 percent and a 25-year amortization.
“Lenders were immediately impressed with the property and its great location,” said Marks. “It’s high-quality technology and assets make this an exciting opportunity. With the medical office industry trending upward, the sector is seeing great enthusiasm for lenders.”
The property is well located in the Hollywood area of Miami. It is strategically situated near major roads and transportation, in addition to grocery stores and markets. It also has easy access to waterfront views and the Hollywood Beach Boardwalk.
The two-tenant property was originally built in 1957 and renovated in 2010. It is one story, with 25,411 square feet of total rentable area. The total facility consists of two buildings, a full surgery center as well as a 17-station dialysis facility.
Fresenius is one of the world’s largest providers of products and services for individuals with renal diseases and has over 4,000 dialysis clinics around the world. The company is headquartered in Bad Homburg, Germany.
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. 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: www.marcusmillichap.com/financing
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