ARLINGTON, VA—Marcus & Millichap CapitalCorp. has secured a CMBS loan for $25million to refinance the Hampton Inn CrystalCity here. Keith Bauer, a director inMMCC's local office, arranged this loan and a $5.8 million CBMS forthe Holiday Inn Capital Square in Columbus,Ohio.
The $25 million CMBS debt placement has a fixed interest rate of4.76% and a 65% loan to value. The Holiday Inn's $5.8 million CMBSloan's interest rate is 4.8% and a 70% loan to value.
Both loans were maturing and the borrowers wanted to advantageof the lower interest rates and take out equity, Bauer says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
