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Florida & Gulf Coast  + Central Florida  + Finance  | 

Marcus & Millichap Capital Corp. Arranges Fractured Condo Cash-Out Refi in Largo, FL

Marcus & Millichap Capital Corp. (MMCC) arranged a $19.65 million nonrecourse loan to refinance 153 fractured condominium units in Largo, FL, a suburb of Tampa-St. Pete. The units were accumulated since 2013 for a combined purchase price of $12.4 million, representing 87% of the property’s total.

Robert Bhat, first vice president capital markets in MMCC’s Miami office says, “The owners are very experienced operators who completed a major renovation at the property that added significant value. After listening to our clients’ needs, we sourced several capital options that resulted in securing a 10-year fixed rate at 3.06%, with a loan-to-value of 75% and meaningful cash-out to the owners.”

The first three years of the loan are interest-only, followed by a 30-year amortization.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.