Marcus & Millichap Capital Corporation Arrange $3M Buy Loan for New London Office

Marcus & Millichap Capital Corporation has arranged a $3.3-million acquisition loan for the purchase of 400 Bayonet Street, a Class-A multi-tenant office building located in New London, CT.

Robert Damigella with MMCC secured a 10-year fixed loan with a 4.75% interest rate, 30-year amortization and a 75% LTV on behalf of the borrower.

The 1987-constructed, four-story, 35,756-square-foot office building is comprised of 23 office suites and 118 parking spaces. Major tenants at the property include ServiceMaster Restoration, Orkin, FNP Medical Services and State Farm Insurance.

“The CT office market is showing clear signs of improvement and the acquisition of this Class-A property with quality tenancy offers the new owner an opportunity to tap into the sector’s continued recovery.”