MMCC Arranges $10M Acquisition Loan for Williamsburg Mixed-Use
Marcus & Millichap Capital Corporation (MMCC) arranged $9,790,000 in financing for the acquisition of a 13,575-square-foot mixed-use multifamily and retail property located at 235-237 Kent Ave. in Brooklyn’, New York’s Williamsburg neighborhood. Bradley Buzil, senior director in MMCC’s Los Angeles office, secured a five-year, fixed-rate non-recourse loan with five years of interest-only payments at 60% loan-to-value with a national bank on behalf of the buyer.
“The property’s Williamsburg location, mixed-use profile and proximity to the waterfront supported strong lender interest,” said Buzil. “We secured a non-recourse solution that aligned with the buyer’s acquisition strategy and long-term business plan, locking a rate well below market even as indexes ran up materially through the process.”
The property features ground-floor retail space with 11 multifamily units on the upper three floors. Amenities include onsite laundry and roof access with a waterfront view. It is located near the East River waterfront and Domino Park, and convenient to mass transit.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout