July 22, 2016— Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged permanent financing on the $12 million acquisition of a portfolio of four single-tenant properties located in Florida. Included in the portfolio are Starbucks in Bradenton, Verizon in Naples, City Mattress in Jensen Beach, and For Eyes in Pembroke Pines.
Robert Bhat, a director in MMCC’s Miami office, arranged the debt placement.
“This portfolio contains well-located properties with strong corporate tenants. Despite the challenge of the tenants having different lease expirations and termination options, some of which are only three years out, we secured the debt placement below 3.80 percent,” says Bhat.
The $4.5 million nonrecourse balance sheet loan was secured from a local lender. It was structured with a 10-year term, seven-year fixed interest rate at 3.75 percent and a 0.25 percent upfront bank fee.