Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $17MM loan for the refinancing of a nine property retail portfolio located in Silver Spring, Maryland and Fairfax, Virginia.
Jared Cassidy, senior director in the firm’s Washington D.C. office, secured the financing with a local bank on behalf of a private client.
“Our team successfully placed the debt with a lender who acted swiftly to close a complex transaction, enabling our borrower to pay off their existing CMBS debt,” said Cassidy. “The new loan offered significant flexibility, including an interest-only period and a rate reset during the loan term.”
Terms of the 5-year loan include an adjustable interest rate, 12 months interest only, followed by a 25-year amortization period and 55% loan-to-value.
The properties include multi-tenant retail strip centers, single-tenant retail properties, and single-tenant restaurants.
