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New York & Tri-State  + Outer  |  January 21, 2021
Paul Bubny
By: Paul Bubny

MMCC Arranges $34M Refi on Williamsburg Multifamily

Marcus & Millichap Capital Corporation (MMCC) has arranged a $34.4-million, interest-only bridge loan to refinance a 117-unit multifamily property and 4,000-square-foot commercial unit in Brooklyn’s Williamsburg neighborhood. The loan was negotiated by Steven Rock, based in MMCC’s White Plains office.
 
Originally built and used as a pencil factory, the property was redeveloped in 2012 into a luxury loft-style multifamily property that highlights the original industrial finishes of the building. The five-year loan, provided by a private lender, was structured with three years of interest-only, a 3.65% interest rate and 75% loan-to-value.
 
“The financing allows the borrower to continue their strategic lease-up program to stabilize this iconic asset,” said Rock.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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 GlobeSt.com 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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