Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $4,765,000 loan for the acquisition of an office building that will be renovated into a pre-school in Richardson, Texas.
Kevan McCormack, senior director, capital markets, based out of the MMCC Dallas office, secured the financing on behalf of clients Brytar Companies and EvCap Investment.
“After a year of working with the various neighborhood groups and the city, my clients were finally ready to close on the acquisition during the onset of the most tumultuous capital markets environments in recent history,” said McCormack. “Ultimately, we were able to secure very favorable financing to bring this project to market.”
Located at 1140 W Campbell Road in Richardson, a Dallas suburb, Guidepost Montessori will be a 10,000-square-foot school and day care facility. It is just minutes to Mohawk and Bowie elementary schools, Richardson North Junior High School, and J.J. Pierce High School.
The Dallas-Fort Worth Metroplex currently benefits from a large and growing population in addition to an expansive list of companies based in the metro, according to Marcus & Millichap research. Businesses with an existing local presence are growing and other major corporations are planting headquarters in Dallas, prompting new residents to the Metroplex, and boosting the local population.