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MMCC Secures Financing for Midtown Office Condo
Marcus & Millichap Capital Corporation (MMCC) has arranged $20 million in financing for the Class-A office condominium at 633 Third Ave. in Midtown Manhattan. Built in the 1960s, the 41-story, one-million-square foot property includes office and ground-floor retail. The financing was secured by Daniel H. Lisser, senior director, and Rick Lechtman, first VP, based out of MMCC’s Manhattan’s office.
“This was our second financing for the same property, having previously arranged a loan in 2019,” said Lisser. “Including the initial funding, over $30 million is being spent to improve and modernize the property.”
The 12-year loan has an interest-only term of two years, at an interest rate which will float during the first two years and then be fixed at a rate in the low 5.00% range for the rest of the term. The property was previously converted into a condominium structure and sold to a diverse group of owners.
- ◦Development
- ◦Financing
