Kent, Wash. – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $8,675,000 million of debt for a 150,381-square-foot retail center in Kent, Wash.
Glenn Gioseffi, a senior director in MMCC’s Seattle office, arranged the loan.
“The borrower wanted a cash-out refinance to offset tenant improvement costs,” says Gioseffi. “At the time, the property was 20 percent vacant, the note was due and the balloon payment had to be made.”
“The loan covers just a portion of the asset,” adds Gioseffi. “It has recently become commonplace to see small parcels of properties carved off and sold or refinanced individually.” The 20-year loan amortizes over 25 years at a fixed rate of 4.5 percent. The loan-to-value is 60 percent.