Marcus & Millichap Capital Corporation arranges $2.7 million in financing for Cumberland farms in Rockledge, Florida
Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $2.7 million in financing for the acquisition of a gas station and convenience store located at 1990 Viera Boulevard, Rockledge, Florida. The financing was exclusively arranged by MMCC’s Robert Noeldechen, vice president, and Steve Goldwyn, first vice president.
The 10-year, 70-percent LTV loan has an interest rate of 3.61 percent. Completed in January 2022, the property is occupied by Cumberland Farms Cumberland Farms Inc. is a regional chain of gas stations and convenience stores mainly in Massachusetts, Florida and New York.
“The Cumberland Farms ground lease was signed even before the developer had building approvals in 2018,” said Noeldechen. “Strategically located near the new ‘Diverging Diamond’ Interchange in the Brevard market, this NNN-leased property has a stable, long-term single tenant, making it a highly attractive opportunity for lenders.”
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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