Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $5.3 million in financing for the acquisition of Parke West Plaza. The property spans a total of 20,867 square feet of fully occupied retail space in Glen Burnie, Maryland. The transaction was led by Jared Cassidy, First Vice President, Capital Markets.
The 10-year, permanent loan was structured with a competitive interest rate of 3.30 percent, 68-percent LTV and 25 years amortization. Parke West Plaza is in a mature commercial market and has a density of stable, long-term tenants, including Pizza Hut and Wawa, a best-in-class retailer, as well as a seasoned mix of local tenants.
“There was considerable amount of lender interest given the strategic location, high demand among retailers and the borrower’s track record of success,” said Cassidy. “The buyer is a local and ongoing client of MMCC and owns other retail properties of a similar profile in the Maryland area, bringing depth of expertise and experience.”
Josh Ein, first vice president investments, Dean Zang, executive managing director, and David Crotts, director, in Marcus & Millichap’s Washington, D.C. office, executed the transaction on behalf of a local seller and secured a repeat private Maryland-based buyer.
About Marcus & Millichap Capital Corporation
Mission Capital Debt & Equity Finance (MCDE) has arranged over $9 billion of financing in the last ten years. MCDE is now a part of Marcus & Millichap Capital Corporation (MMCC). https://www.missioncap.com/debt-equity/
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 2020, MMCC closed 1,943 transactions totaling $7.67 billion.
