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Marcus & Millichap Capital Corporation Arranges $25M Financing for Michigan Retail Property
Marcus & Millichap Capital Corporation (MMCC) announced that Todd Phillips, managing director in MMCC’s Raleigh office, secured $25 million in financing for the acquisition of a 62,364-square-foot retail property located at 700 West Big Beaver Road in Troy, Michigan.
The loan was secured with a national bank and features a seven-year term, a 6.125% interest rate and a 30-year amortization period. The property is occupied by several national restaurants and retailers. It is situated in a highly trafficked area near Interstate 75, providing strong visibility and convenient regional access.
“This financing reflects the strength of the property’s location and tenant mix,” said Phillips. “We were pleased to secure attractive, long-term financing that supports our client’s acquisition objectives.” The property is located within the City Center office complex, a 13-story, 297,530-square-foot mixed-use tower that has undergone extensive renovations and is approximately 95% percent occupied.
