Marcus & Millichap Capital Corp. Arranges $17 Million Bridge Financing for Hospitality and Marina Construction
ST. JOSEPH, Mich. – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, Michigan.
Dean Giannakopoulos in the firm’s Chicago Downtown office and Steven Rock in its Manhattan office arranged the loan.
“The borrower required a construction loan to build a hospitality and marina project with a very tight timeframe,” says Rock. “MMCC secured a lender that was able to meet the borrower’s financing needs and close quickly.”
“The property is located near the waterfront of Lake Michigan and will feature 92 hotel rooms, 14 luxury condominiums, conference space, a spa, and a 60 slip marina,” adds Giannakopoulos. “The adjacent PGA signature golf course will be hosting the 75thAnniversary Senior PGA tour event, which added to our tight financing timeframe.”
“This construction loan was complicated and had to be closed quickly,” says Charles Krawitz, vice president/central region of MMCC. “Dean and Steve did a great job delivering both loans,” Krawitz concludes.
The three-year, interest only loan featured a 70 percent loan-to-value advance.
Press Contact: Gina Relva, Public Relations Manager
Marcus & Millichap Capital Corp.