MMCC, a division of Marcus & Millichap, successfully arranged $13.6 million in refinancing for the Lofts at 27 Water St in Wakefield, MA. This project consists of two buildings with 46 multifamily units and 13,000 square feet of retail/office space.
Robert Bhat from MMCC’s Miami office secured the financing from an agency lender on behalf of a private client.
According to Bhat, “This recently renovated mixed-use property has maintained high occupancy and is well-managed.” The financing was secured as a non-recourse five-year term loan with two years of interest-only payments at an interest rate of 5.86% and a loan-to-value ratio of 65%. The proceeds from this cash-out refinance were used to pay off an existing maturing loan.
