Marcus & Millichap Capital Arranges $9.8M Loan for Williamsburg Apartment Building
Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.8 million acquisition loan for an 11-unit apartment building in Williamsburg, Brooklyn. The property, at 235-237 Kent Avenue, has ground-floor retail space with three levels of apartments above it. Broker Bradley Buzil arranged the financing for a buyer whose identity was not disclosed.
The loan is nonrecourse, carries a five-year term and bears a fixed interest rate. The article does not name the direct lender, so the source of the capital remains unconfirmed.
The transaction shows active debt placement for small mixed-use multifamily properties in a well-known Brooklyn neighborhood, with retail and residential uses in one building.
For developers and investors, the deal is a reference point for financing terms on a mixed-use, 11-unit asset in Williamsburg, where fixed-rate, nonrecourse debt was used for a acquisition of this size.
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