ST. JOSEPH, MI—Marcus & Millichap Capital Corp. a provider of commercial real estate financing, has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, MI.
Called The Harbor Village at Harbor Shores, the project will replace a vacant industrial site. According to mlive.com, The Harbor Village at Harbor Shores, LLC also recently received a $2.1 million infrastructure improvement grant from the Michigan Strategic Fund and a $900,000 Michigan Community Revitalization Program performance-based grant.
Dean Giannakopoulos in MMCC’s Chicago office and Steven Rock in its Manhattan office arranged the construction 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 75th Anniversary Senior PGA tour event, which added to our tight financing timeframe.”
The three-year, interest-only loan featured a 70 percent loan-to-value advance.