Marcus & Millichap Capital Corp. has announced the of 305 E 72nd Street, according to John Krueger, Vice President and Regional Manager of the firm’s Manhattan Office. The site, anchored by a CVS Pharmacy, and two restaurants, received $20,000,000 in financing. The retail condominium located on the east side of 2nd Avenue between 72nd and 73rd Streets on the Upper East Side of Manhattan.
The loan was facilitated by Daniel Lisser, Rick Lechtman, of MMCC in Manhattan, along with David Turner of the MMCC Charlotte office. The transaction was arranged through a National CMBS lender with a ten-year interest only loan term and an interest rate in the mid-3 percent range. Regarding the transaction, the team said, “The property’s existing loan was maturing, and the borrower needed to refinance the loan during a very challenging financing environment for retail properties, especially ones with restaurants. Many lenders were reluctant to finance the property at the requested loan amount due to the restaurant tenancy.”
The MMCC team was able to identify a lender and got them comfortable with the tenant base and how they were performing in the current environment. “We were pleased with the execution, as this loan was one of the first CMBS retail loans to close post-Covid and allowed the borrower to pay-off the existing debt and lock in a very attractive coupon interest-only for ten years,” said Lisser.
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.
