New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
MMCC Arranges 10-Year Loan on Hell’s Kitchen Mixed-Use
Marcus & Millichap Capital Corporation (MMCC) has arranged $5.6 million in financing for a mixed-use property at 659 Ninth Ave. in Midtown Manhattan’s Hell’s Kitchen neighborhood. The financing was secured by senior director Robert Damigella, based out of MMCC’s Boston office.
“This property is well-situated in the rapidly appreciating West Side of Manhattan which is experiencing tremendous housing demand,” said Damigella. “As retail picks up in New York amid returns to commercial corridors, mixed-use properties have the ability to combine the strength of the multifamily market with the cashflow upside of retail, which has led to enthusiasm from lenders.”
The 10-year loan has an LTV of 60% and a fixed interest rate of 3.75%. The five-story property was built in 1920 and includes one 3,000-square foot restaurant space occupied by Mercury bar, a high-end sports bar and four multifamily units totaling 5,635 square feet.
- ◦Financing
