MMCC Arranges $17M Bridge Financing Loan
Wednesday October 30th, 2013 - 3:53PM FGS
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
ST. JOSEPH, MI—Marcus & Millichap Capital Corp. (MMCC), a provider of commercial real estate financing and capital markets expertise, has arranged a $17-million loan for the construction of a luxury boutique hotel and marina here.
The three-year, interest-only loan featured a 70% loan-to-value advance.
Dean Giannakopoulos in the firm’s Chicago Downtown office and Steven Rock in its Manhattan office arranged the loan.
According to the company, the financing timeframe was tight, in part because of the 75th Anniversary Senior PGA tour event, which will be held on the PGA signature golf course adjacent to the hotel’s location.
The property is located near the waterfront of Lake Michigan. It will have 92 guestrooms, 14 luxury condominiums, conference space, a spa and a 60-slip marina.
Tags: MMCC • Marcus Millichap • Lake Michigan • Hospitality • Brokers • Construction/Renovation • Sources of Funding •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.