WAKEFIELD, MA.– Marcus & Millichap Capital Corporation arranged $13,566,000 for the refinancing of the Lofts at 27 Water Street in Wakefield, MA.
Located at 27 & 36 Water Street, the project is comprised of two buildings that include 46 multifamily units, and 13,000 square feet of retail/office space.
Robert Bhat, senior managing director in MMCC’s Miami office, secured the financing with an agency lender on behalf of a private client.
“This newly renovated mixed-use property maintains a high occupancy and has excellent management. We secured a non-recourse five-year term loan with two years of interest only with an interest rate of 5.86% and a 65% loan to value. The cash-out refinance was used to pay off a maturing loan.”
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