Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged financing for eight transactions totaling more than $18.3 million throughout the United States in November 2021. Garrett Fierstein, vice president, based in MMCC’s Orlando office, represented the clients on all transactions.
Properties financed include an industrial warehouse, a net-leased drug store, a retail strip center and two vacant multifamily properties. The largest of these transactions, a Walgreens in Starke, Florida, received $4.08 million in financing.
“With interest rates at historically low levels and an abundance of capital seeking a finite number of transactions, it is an opportune time for investors to secure long-term capital,” said Fierstein.
Transaction Details
1450 South Palmetto Avenue – A multifamily asset in Daytona Beach, Florida, the property is located off the Halifax River and adjacent to Daytona Beach Golf and Country Club. The loan was a $1.5 million cash out refinance.
SRS Distribution Center (275 Chandler Street) – Located in Buffalo, New York, this industrial warehouse was refinanced for $2.3 million. Roofing distributor giant SRS Distribution Center operates out of the warehouse space.
Walgreens – The $4 million loan for this Starke, Florida property has a 10-year fixed rate at 3.75 percent, 25-year amortization and an 80% LTV.
Sam Hughes Place – This 16,367-square foot retail center in Tucson, Arizona secured a $2.8 million loan consisting of a 10 year term at 3.25 percent and 25 year amortization.
PetSuites – Located in Greensboro, North Carolina, the net-leased property is anchored by PetSuites. The $3.4 million loan has a 10-year fixed rate at 3.63 percent.
6811 Farm to Market Road 1788 – Located in Midland, Texas, the-net leased property is anchored by Dollar General. The $996,000 loan terms include a 10-year fixed rate at 3.48 percent and 30 year amortization.
Elevation Apartments – This multifamily property in Memphis, Tennessee was a cash out refinance loan for $1 million including a 25-year amortization.
3165 South Street – This nonperforming 31 unit condominium property in Titusville, Florida secured a $2 million loan with a 10 year term, 30 year amortization at a 3.65 percent interest rate.
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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