Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has announced the financing of 521-523 W 48th Street, according to Regional Manager/Vice President John Krueger. MMCC organized $15,000,000 in refinancing for the apartment building.

The loan was arranged by Steven Rock, of the firm’s Westchester office, and Christopher Marks, of the firm’s Manhattan office. The client is the property’s original developer. The seven-year loan was structured with a 3.125% fixed interest rate and 75% loan-to-value.

The asset consists of 45 multifamily units located in the Hell’s Kitchen neighborhood. Regarding the transactions, Rock said, “This refinance represents the ongoing value of the property, which has managed to retain strong occupancy and collection rates despite the COVID-19 health crisis.”

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.