Massey Knakal Capital Services Closes A $610,000 Loan In Stratford, Connecticut
Massey Knakal Capital Services is pleased to announce the closing of a $610,000 loan collateralized by a motel and restaurant in Stratford, Connecticut. The self-liquidating loan featured a long term, 15-year fixed-rate of 5.57%.
“The property has been owned and operated by three generations of small business operator and is located approximately 40 feet from the north shore of Long Island Sound”, said First Vice President Bruce Whipple, who exclusively represented the owner. “The loan request was approximately 40% of the appraised value and was used to refinance a loan and two credit lines at a prior rate of 8.74%. Seven banks quoted the loan but only two were able to offer a fixed rate for 15 years. Given that interest rates are at historic lows, the borrower wanted to lock in a long-term rate in the aftermath of non-existent credit for hospitality/restaurant facilities over the past three years,” added Whipple.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet its client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed/floating rate loans, construction loans, mezzanine loans, bridge loans, preferred equity, and joint-venture equity.