Springville, NY – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $8 million in financing for Tops Plaza, a multi-tenant retail shopping center at 172-218 South Cascade Drive in Springville, New York. Steven Rock, first vice president, secured the financing for the transaction. Rock is based out of the Westchester office.
“The property’s location attracts a solid tenant base,” said Rock. “The retail market has been growing stronger in recent months allowing us to secure competitive financing.”
The $8 million financing for the property has a 70-percent LTV and a seven-year term with an interest rate of 4.67 percent. The 105,802-square foot property was built in 1972 and renovated in 2000. The shopping center has 10 tenants including TJ Maxx, Harbor Freight and Tops Grocery Store.
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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