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Marcus & Millichap Capital Corporation arranged $5.6 million in financing for a mixed-use property in Hell’s Kitchen

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. 


Inside The Story

MMCC's Damigella

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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