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MMCC secures $9.79M loan for Williamsburg mixed-use property deal

The five-year fixed-rate, non-recourse financing includes five years of interest-only payments at 60% loan-to-value, according to the transaction details.

Reported · Written up by our desk · Industry

Marcus & Millichap Capital Corporation (MMCC) arranged $9,790,000 in financing for the acquisition of a 13,575-square-foot mixed-use multifamily and retail property at 235-237 Kent Ave. in Brooklyn’s Williamsburg neighborhood.

MMCC secured a five-year, fixed-rate non-recourse loan with five years of interest-only payments, structured at 60% loan-to-value with a national bank on behalf of the buyer, ConnectCRE reported.

ConnectCRE said the lender interest was supported by the property’s Williamsburg location, mixed-use profile, and proximity to the waterfront, and MMCC targeted a rate that it characterized as below market even as indexes rose during the process.

The property includes ground-floor retail space and 11 multifamily units across the upper three floors, with amenities such as onsite laundry and roof access, plus a waterfront view near the East River waterfront and Domino Park.

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