Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $6.1 million for the refinancing of Triumph Industrial Park, an industrial park located at 505 Blue Ball Road in Elkton, Maryland.
Jared Cassidy, senior director in MMCC’s Washington, D.C. office, secured financing with a private, Pennsylvania-based lending firm on behalf of Triumph Industrial Development, LLC, an industrial development company.
“With 30 days left until loan maturity, a regional bank pulled out of the deal,” said Cassidy. “MMCC quickly adapted and worked with a relationship lender who provided the necessary flexibility for the client’s new loan, refinancing the existing debt and enabling the borrower to close out a complex estate settlement.”
Triumph Industrial Park currently hosts 24 tenants in 9 individual buildings, with over 200,000 square feet of redeveloped space being leased out, and over 50 acres of land designated for future development. It is located midway between Philadelphia and Baltimore, with easy access to major highways including Interstate-95.
