IPA Capital Markets, a division of Marcus & Millichap, has secured $15.2 million refinancing for 68 Richardson St, a stabilized multifamily property in Williamsburg.
The transaction, orchestrated by the New York team led by Max Herzog, Marko Kazanjian, and Andrew Cohen, was executed on behalf of a private investor. The unique scenario involved obtaining financing for a fully stabilized asset. The sponsors opted for the loan to allow time for upgrades to previously unrenovated units.
“This financing was a unique scenario as it is a fully stabilized asset,” said Kazanjian. “Given the housing demand over the past few years, the sponsors had been hesitant to displace tenants to conduct unit upgrades. The new loan allows the sponsors time to make upgrades to previously unrenovated units in a desirable neighborhood in Williamsburg next to McCarren Park.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.