May 9, 2020
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.
For comments, questions or concerns, please contact Dennis Kaiser