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New York & Tri-State  + Uptown/Bronx  + Retail  | 
JRW Realty Closes Over $800M in Properties in 2022

MMCC Arranges Financing on Upper East Side Retail Condo

Marcus & Millichap Capital Corp. arranged financing for 305 E. 72nd St., a retail condominium on Manhattan’s Upper East Side. The site, including a CVS Pharmacy and two restaurants, received $20,000,000 in financing. 

The loan was facilitated by Daniel Lisser and Rick Lechtman of MMCC in Manhattan, along with the Charlotte office’s David Turner. The transaction was arranged through a national CMBS lender with a 10-year interest-only loan term and interest in the mid-3% range.

Regarding the transaction, the team said, “The property’s existing loan was maturing, and the borrower needed to refinance the loan during a very challenging financing environment for retail properties, especially ones with restaurants. Many lenders were reluctant to finance the property at the requested loan amount due to the restaurant tenancy.” 

The MMCC team was able to identify a lender and got them comfortable with the tenant base and its performance in the current environment.

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).

  • ◦Financing
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