July 21, 2020
Marcus & Millichap Capital Corp. (MMCC) arranged the financing of 521-523 W. 48th St., a 45-unit apartment building in Hell’s Kitchen. MMCC organized $15,000,000 in refinancing for the apartment building.
The loan was arranged by Steven Rock of MMCC’s Westchester office and Christopher Marks of the firm’s Manhattan office. The client is the property’s original developer. The seven-year loan from an undisclosed lender was structured with a 3.125% fixed interest rate and 75% loan-to-value.
Regarding the transaction, Rock said, “This refinance represents the ongoing value of the property, which has managed to retain strong occupancy and collection rates despite the COVID-19 health crisis.”
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