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MMCC Arranges $13.6M Refi for Wakefield Mixed-Use
Marcus & Millichap Capital Corporation (MMCC) arranged $13,566,000 for the refinancing of the Lofts at 27 Water St. Located at 27 & 36 Water St. in Wakefield, MA, the project is comprised of two buildings that include 46 multifamily units and 13,000 square feet of retail/office space.
Robert Bhat, senior managing director in MMCC’s Miami office, secured the financing with an agency lender on behalf of a private client.
“This newly renovated mixed-use property maintains a high occupancy and has excellent management,” said Bhat. “We secured a non-recourse five-year term loan with two years of interest only with an interest rate of 5.86% and a 65% loan to value. The cash-out refinance was used to pay off a maturing loan.”