Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $4.2 million loan to refinance a 79-room Springhill Suites by Marriott located in Clearwater, Florida. The property is currently on a 37-year ground lease from Pinellas County. Robert Bhat, a director in MMCC’s Miami office, arranged the debt placement.

“This hotel has a great location and competes very well against its competitive set,” says Bhat. “The property improvement plan that was completed in 2016 makes the asset look brand new. I was able to find a lender that provided a rate around 3.95 percent and was comfortable with the hotel being on a ground lease. The borrower was able to cash out and potentially utilize those funds towards additional acquisitions,” Bhat concludes.

Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. Through its network of national, regional and local 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. In 2016, MMCC closed over 1,650 commercial real estate financing transactions. To learn more, please visit: www.mmCapCorp.com