Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $16,860,000 for the refinancing of a medical office complex in Newington, Connecticut and a retail center in Rocky Hill, Connecticut.
Gerald Kray, first vice president, capital markets based out of MMCC’s New Jersey office secured the financings with a local bank.
“Notwithstanding current soft market conditions for office properties, we were able to secure favorable terms that met the client’s needs in a timely manner,” said Kray.
The medical complex was constructed in 2005 and consists of several medical practices. Terms of the $7,360,000, 5-year loan include 7.5% interest-only and a loan-to-value of 65%.
The retail center features a supermarket and a bank. Terms of the $9,500,000, 5-year loan include 7.1% interest-only and a loan-to-value of 65%.
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 2023, MMCC closed 1,076 transactions totaling $6.73 billion. To learn more, please visit: marcusmillichap.com/financing.
