Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $13,460,000 loan for the refinancing of Art Bloc, a newly built mixed-use building featuring both residential and commercial space located at 335 Cedar Streetin Waterloo, Iowa.
The six-story property is comprised of 67 apartments and 7,400 square feet of fully leased commercial spaceright in the heart of Waterloo’s thriving art district. Robert Bhat of the MMCC Miami office secured the senior debt financing on behalf of the borrower.
“This is a newly developed project featuring 67 apartment units and ground-floor commercial space leased entirely to a successful Midwest architecture firm,” adds Mr. Bhat. “The Art Bloc property is situated in an excellent downtown Waterloo location, right along the Cedar River. We were able to secure a 75% LTVFannie Mae loan with a fixed interest rate of 4.75% for ten years along with five years interest-only and 30-year amortization.”
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
