Marcus & Millichap Refinances 13 Buildings Throughout New Haven

7/22/20

Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has announced the refinacing of 13 multifamily buildings through New Haven, Connecticut, according to John Krueger, Regional Manager/Vice President of the firm’s Manhattan and New Haven offices. The total amount of financing arranged for the portfolio totaled $4,076,100.

The equity-out refinance was organized by Robert Noeldechen, of the firm’s New Haven office. The owner, a private investor, accumulated the properties at low occupancy rates, and put in capital expenditures that contributed to a current 100% occupancy and collection rate during COVID-19. Funding was provided by CoreVest.

The 13 buildings culminate in a total 45 apartment units, located throughout New Haven. Regarding the transaction, Noeldechen said, “With occupancy and collections over 100%, and colleges within the area preparing to open up for the fall semester (as well as the presence of Yale University Hospital!), the owner is well-positioned to see continued upside in his commercial real estate investments.” The portfolio was originally purchased as a distressed, bank-ownerd REO, and the New Haven multifamily submarket easily absorbed the inventory as it was repatriated back into the market.

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.