Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has announced the arrangement of $18.89 million in financing for The Ridge at Sawmill, a multifamily property located at 60 Beard Sawmill Road in Shelton, Connecticut. MMCC’s Robert Bhat, senior vice president, exclusively financed the deal.
“We’re pleased to have been able to facilitate this financing in such a competitive market,” said Bhat. “The multifamily market is rapidly growing and we were able to take advantage of confidence and renewed activity in the market with this stable and strategically situated property.”
The full term, interest-only cash-out refinance has a low, 3 percent fixed-rate for 10 years. The 89-unit property is 89,000 square feet in total, located near major state highways, hotels, restaurants and businesses and is in proximity to green spaces and a local reservoir. Additionally, the property is centrally located between Bridgeport and New Haven.
The Ridge at Sawmill was constructed in 2020 and residential units are complimented with robust amenities and offerings, including a fitness center, clubhouse room, and conference area.
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 2020, MMCC closed 1,943 transactions totaling $7.67 billion.
To learn more, please visit: www.marcusmillichap.com/financing
