Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged a $5.8 million bridge loan for a hospitality property located in Oakland, California. The financing was secured by Joel Westle, first vice president, based out of MMCC’s San Francisco office.
“As the property is situated between the Oakland Coliseum and the Oakland airport, this hotel has proximate location to the heart of Oakland,” said Westle. “As leisure and business travel grows, we are confident that the hospitality sector will continue to stabilize, making this property type more attractive to lenders and investors.”
The one-year bridge loan includes extensions with an interest-only term of one year and an interest rate of 6.75 percent. The 100-key property is in close proximity toI-880and the San Francisco Bay area.
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 2021, MMCC closed 2,474 transactions totaling $11.6 billion. To learn more, please visit: marcusmillichap.com/financing