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MMCC Arranges $7.6M Cash-Out Loan on Shelton Apartments

Marcus & Millichap Capital Corp. has arranged a $7.6-million non-recourse loan to refinance a mixed-use property with 43 apartments and 7,000 square feet of commercial space in Shelton, CT. The borrower was not identified.

“Shelton is a diverse mid-suburban community that has seen excellent growth in the past few years, as several companies have moved their headquarters to the area,” said Robert Bhat, senior director in MMCC’s Miami office.

“The borrower developed the property and quickly leased it up due to strong demand. We secured a 15-year fixed rate at 5% with interest only.”

JD Parker, New York City-based SVP of Marcus & Millichap, acted as the broker of record on the transaction.

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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