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Marcus & Millichap Arranges $14.5M Financing for Virginia Retail Center
Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $14.5 million loan for Somerset Crossing, a 108,000-square-foot retail shopping center on Somerset Crossing Drive in Gainesville, Virginia.
Jared Cassidy, first vice president in MMCC’s Washington, D.C. office, worked with Marcus & Millichap Mid-Atlantic IPA specialists Dean Zang and David Crotts to secure the financing. “We worked extensively on behalf of a seasoned private developer with a loan structure that coincided with their immediate needs and timing,” said Cassidy. “Ultimately, the deal was awarded to Trevian Capital, who understood the unique facets of the deal and delivered the right loan and execution.”
Terms of the 18-month non-recourse loan enabled the borrowers to refinance their existing acquisition debt, payoff their investor base and other expenses, and provide the immediate funding for tenant buildouts and improvements. The property is located in the Washington, D.C. MSA, 30 miles west of downtown DC and offers a strong mix of fitness, retail, restaurant and neighborhood tenants.
