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Marcus & Millichap Arranges $5M Loan for Glen Burnie Retail Center
Marcus & Millichap Capital Corporation has arranged $5.3 million in financing for the acquisition of Parke West Plaza in Glenn Burnie, MD. The property spans a total of 20,867 square feet of fully occupied retail space.
The 10-year, permanent loan was structured with a competitive interest rate of 3.30 percent, 68-percent LTV and 25 years amortization. Parke West Plaza is in a mature commercial market and has a density of stable, long-term tenants including Pizza Hut and Wawa, a best-in-class retailer, and a mix of local tenants.
The transaction was led by Jared Cassidy, first VP of capital markets for Marcus & Millichap.
“There was considerable amount of lender interest given the strategic location, high demand among retailers and the borrower’s track record of success,” said Cassidy. “The buyer is a local and ongoing client of MMCC and owns other retail properties of a similar profile in the Maryland area.”
- ◦Sale/Acquisition
- ◦Financing
