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MMCC Arranges Refi for Waterloo Mixed-Use
Marcus & Millichap Capital Corporation (MMCC) arranged a $13,460,000 loan for the refinancing of Art Bloc, a newly built mixed-use building featuring both residential and commercial space at 335 Cedar St. in Waterloo, IA.
The six-story property contains 67 apartments and 7,400 square feet of fully leased commercial space in Waterloo’s art district. Robert Bhat of the MMCC Miami office secured the senior debt financing on behalf of the borrower.
“This is a newly developed project featuring 67 apartment units and ground-floor commercial space leased entirely to a successful Midwest architecture firm,” said Bhat. “The Art Bloc property is situated in an excellent downtown Waterloo location, right along the Cedar River. We were able to secure a 75% LTV Fannie Mae loan with a fixed interest rate of 4.75% for 10 years along with five years interest-only and 30-year amortization.”
- ◦Financing
