IPA Capital Markets, a division of Marcus & Millichap, has successfully secured $15.2 million in refinancing for 68 Richardson St, a stabilized multifamily property located in the highly sought-after neighborhood of Williamsburg. The transaction was expertly orchestrated by the New York team led by Max Herzog, Marko Kazanjian and Andrew Cohen on behalf of a private investor.
In this unique scenario, financing was obtained for an already fully stabilized asset. The sponsors chose to pursue this loan as it allows them time to upgrade previously unrenovated units without displacing current tenants. According to Kazanjian: “This financing presented us with a rare opportunity as the property is already fully stabilized.” He further explains that due to high housing demand over recent years, the sponsors were hesitant to displace tenants for renovations but now have ample time and resources thanks to this new loan.
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