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New York & Tri-State  + Midtown New York  + Finance  | 

MMCC Secures Refi on Hell’s Kitchen Apartments

Marcus & Millichap Capital Corp. (MMCC) arranged the financing of 521-523 W. 48th St., a 45-unit apartment building in Hell’s Kitchen. MMCC organized $15,000,000 in refinancing for the apartment building.

The loan was arranged by Steven Rock of MMCC’s Westchester office and Christopher Marks of the firm’s Manhattan office. The client is the property’s original developer. The seven-year loan from an undisclosed lender was structured with a 3.125% fixed interest rate and 75% loan-to-value.

Regarding the transaction, Rock said, “This refinance represents the ongoing value of the property, which has managed to retain strong occupancy and collection rates despite the COVID-19 health crisis.”

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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