MARCUS & MILLICHAP CAPITAL CORPORATION
Contact: (925) 953-1716
$22.5 MILLION LOAN ARRANGED BY MARCUS & MILLICHAP CAPITAL CORPORATION
HAVERSTRAW, N.Y., March 21, 2012 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $22.5 million refinancing for the luxury Parkside Apartments located in Haverstraw, a community in Rockland County, N.Y.
Steven Rock, a senior director in the firm’s Manhattan office, arranged the financing.
“Parkside Apartments is the newest addition to Harbors at Haverstraw, a breathtaking master-planned development on the Hudson River that was completed in the spring of 2011,” says Rock. “The project’s 110 units are more than 70 percent occupied.”
The loan is adjustable for five years with a loan to value of 65 percent.
Marcus & Millichap Capital Corporation is a subsidiary of Marcus & Millichap Real Estate Investment Services, the nationís largest brokerage firm focused exclusively on real estate investment services. Through its network of national and regional lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. Last year, MMCC closed 912 commercial real estate financing transactions.