Wednesday October 30th, 2013 - 3:53PM
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.