Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise has arranged a $19.65 million nonrecourse loan to refinance 153 fractured condominium units in Largo, Florida.

“Accumulated since 2013 for a combined purchase price of $12.4 million, these units are 87% of the property’s total,” said Robert Bhat, first vice president capital markets in MMCC’s Miami office. “The owners are very experienced operators who completed a major renovation at the property that added significant value. After listening to our clients’ needs, we sourced several capital options that resulted in securing a 10-year fixed rate at 3.06% with a loan-to-value of 75% and meaningful cash-out to the owners. The first three years of the loan are interest-only, followed by a 30-year amortization.”

About Marcus & Millichap Capital Corporation

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 2019, MMCC closed over 1,900 commercial real estate financing transactions totaling $7.1 billion. To learn more, please visit: www.mmCapCorp.com.