Marcus & Millichap Capital Corporation has arranged a $19.5-million loan to refinance a six-story parking garage with over 1,000 spaces in Hollywood, FL. The property on North Ocean Drive includes four additional land parcels for a combined 4.82 acres in total size.

Jared Cassidy secured the financing on behalf of Bethesda, MD-based The Jaffe Group.

“Ultimately, we placed the loan with a large regional bank, who understood the partner buyout complexities of the transaction and the unique facets of operating a parking garage,” said Cassidy. “The lender was also able to hold the original terms issued at loan application, an aggressive 3.65% interest rate with a ten-year term and 12 months interest-only payments.”

The ten-year fixed-rate loan includes a 25-year amortization schedule.

The 62,713-square-foot parking structure, built in 1988 and renovated in 2007, is undergoing improvements. The facility is fully automated with rooftop access, three elevators and walking access to beaches and shops.