A Hell’s Kitchen property has been refinanced for millions of dollars by a New York commercial real estate financing firm.
Marcus & Millichap Capital Corp. (MMCC) announced that the firm will be financing 521-523 W 48th Street for $15,000,000, according to Regional Manager/Vice President John Krueger. The property consists of 45 multifamily units located in the Hell’s Kitchen neighborhood.
The client is the property’s original developer.
The seven-year loan was structured with a 75% loan-to-value and a 3.125% fixed interest rate. The loan was arranged by Steven Rock, of MMCC’s Westchester office, and Christopher Marks, of MMCC’s Manhattan office.
“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, said Rock.
