TAMPA, FL-Marcus & Millichap Capital Corp. says it has arranged fixed-rate financing of $17.5 million for the acquisition of three class B office/flex buildings at 4801 George Road. Princeton, NJ-based Independence Realty Inc. bought the 213,294-sf complex from an unidentified private investor group, according to Hillsborough County property records.

James Sotos, an associate at MMCC’s Chicago office who arranged the finance packaging, says his firm structured a minimal recourse loan for the George Road assets, which are 95% occupied. He points out that this type loan is unusual for the Tampa market and most others throughout Florida and nationwide.

“It has become a fairly recourse market for the most part,” Sotos tells GlobeSt.com, especially given the continual contraction in capital markets. He says some lenders demand full recourse on commercial real estate deals lately, though buyers with strong credit histories are still in better positions to negotiate financing.

An undisclosed commercial bank provided financing for the acquisition at an interest rate just under 5.9%, according to Sotos. Terms of the loan were five years with a 30-year amortization schedule and 74% LTV, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.