Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $7,950,000 in financing for the acquisition of a single tenant asset tenanted by LA Fitness in Linden, New Jersey.
Chris Marks and Steve Filippo, based out of MMCC’s Manhattan office, secured the financing with a national bank on behalf of a private client.
“We were able to secure competitive terms in addition to meeting our client’s 1031 deadline,” said Marks.
Terms of the 5-year non-recourse loan include full-term interest-only at a rate of 7.73% and a loan-to-value of 56%.
Located at 950 West Edgar Road, the property spans 41,000 square feet and was constructed in 2023. It is located in a highly trafficked shopping area, adjacent to several major retail stores and restaurants.
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.
