FALLING WATERS, West Virginia – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $5.75 million in financing for a four-property self-storage portfolio located at 21 Crawford Quarry Road, 1820 Broad Lane and 9724 Williamsport Pike in Falling Waters, West Virginia, and 73 Roaring Lion Drive in Hedgesville, West Virginia. The financing was secured by Jared Cassidy, first vice president, based in Bethesda, Maryland.
“MMCC worked with the sponsor, a private operator with a demonstrated success of both developing and managing self-storage facilities in and around Falling Waters, West Virginia,” said Cassidy. “There are immediate plans to further develop the facilities through expansion of the existing operations. We were able to secure a loan with a balance sheet lender, who fixed the rate at loan application for 10 years and provided capital for expansion”
The 10-year loan includes a 12-month interest-only term and has an LTV of 75 percent and an interest rate of 4.1 percent. Built in the early 2000s, the portfolio consists of 770 units and is within driving distance of both Baltimore and Washington D.C.
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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 2021, MMCC closed 2,474 transactions totaling $11.6 billion. To learn more, please visit: marcusmillichap.com/financing
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