DULUTH, MINN.—Marcus & Millichap Capital Corporation (MMCC) has arranged a $6.1 million acquisition loan for a 13,325-sq.-ft. Walgreens drugstore in Duluth, Minn., which was built this summer. Dean Giannakopoulos, an associate director in MMCC’s Chicago office, arranged the loan.
Working with a national life insurance company, MMCC delivered a long-term fixed rate with nonrecourse financing at 4.85 percent.
“The alternative, through another source, was 5.35 percent,” says Giannakopoulos. “This was the second of three Walgreens acquisition loans for the borrower financed by MMCC.”
The loan was structured with a 25-year term and amortizes over 25 years.