May 9, 2020 Comments Off on Marcus & Millichap Capital Corp. Arranges Fractured Condo Cash-Out Refi in Largo, FL Views: 681 Central Florida, Florida News

Marcus & Millichap Capital Corp. Arranges Fractured Condo Cash-Out Refi in Largo, FL

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Marcus & Millichap Capital Corp. (MMCC) arranged a $19.65 million nonrecourse loan to refinance 153 fractured condominium units in Largo, FL, a suburb of Tampa-St. Pete. The units were accumulated since 2013 for a combined purchase price of $12.4 million, representing 87% of the property’s total.

Robert Bhat, first vice president capital markets in MMCC’s Miami office says, “The owners are very experienced operators who completed a major renovation at the property that added significant value. After listening to our clients’ needs, we sourced several capital options that resulted in securing a 10-year fixed rate at 3.06%, with a loan-to-value of 75% and meaningful cash-out to the owners.”

The first three years of the loan are interest-only, followed by a 30-year amortization.

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