MMCC Arranges $17M Bridge Financing Loan
Wednesday October 30th, 2013 - 3:53PM FGS
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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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.