MMCC Arranges $4 Million Non-Recourse Cash Out Refinance Loan
MIAMI, October 18, 2018 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $4 million non- recourse loan with to refinance a 31 unit (44 bed) assisted living facility located in South Carolina.
“Cedar Communities acquired the property last year for $1.9 million and added significant value. We were able to provide a full cash out of $2.1 million above their purchase
price about a year ago. The lender was comfortable providing a nonrecourse loan with a 10-year term, due to the strong management team and excellent fundamentals of the deal.” says Bhat.
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. Through its network of national, regional and local lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. In 2016, MMCC closed over 1,650 commercial real estate financing transactions. To learn more, please visit: www.mmCapCorp.com
Cedar Communities is an investment and management company aimed at acquiring undervalued assisting living facilities. The partners of Cedar Communities bring a wealth of knowledge aimed at maximizing value all the while providing residents with a warm, compassionate and friendly environment to call home. Cedar’s research and focus deploys capital on facilities that meet strict purchase requirements aimed at delivering the highest return for our investors. To learn more, please visit: www.CedarLP.com