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42 East Coast Drive
FINANCED

Marcus & Millichap Capital Corporation Arranges $5.27M Loan For Mixed-Use Property In Atlantic Beach

42 East Coast Drive

Development Site
clock iconFinanced 236 days ago
Garrett Fierstein
Simon Grigoryan
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Summary

Loan
FLORIDA
Development Site

A mixed-use retail and office property located at 42 East Coast Drive in Atlantic Beach, Florida has secured $5,270,000 in financing through a construction loan. The loan was arranged by Marcus & Millichap Capital Corporation (MMCC) and will contribute to enhancing the work, play, and dining experience in Atlantic Beach. The property is expected to be completed in Fall 2024.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $5,270,000
  • Loan Type: Construction Loan
  • Loan Terms: 10-year loan with 6.5% interest only for three years and 25-year amortization

Garrett Fierstein and Simon V. Grigoryan from Marcus & Millichap Capital Corporation (MMCC) played crucial roles as brokers in securing the loan for the mixed-use property at 42 East Coast Drive in Atlantic Beach, Florida. Their efforts contribute to the development of the area, enhancing the local economy and community.

Players

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    3

  • Agents

    2

  • Agencies

    1

Garrett Fierstein's profile picture
Garrett Fierstein
Marcus & Millichap-image
Senior Director
$16.2M Sold
Simon Grigoryan's profile picture
Simon Grigoryan
Marcus & Millichap-image
Senior Associate
$57.5M Sold
Marcus & Millichap's profile picture
Marcus & Millichap
Marcus & Millichap

Details

Deal Summary
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FINANCED
IMAGE: Garrett Fierstein & Simon V. Grigoryan DATE: 09/08/2023 ADDRESS: 42 East Coast Drive MARKET: Atlantic Beach ASSET TYPE: Development Site BROKERS: Garrett Fierstein & Simon V. Grigoryan - Marcus & Millichap Capital Corporation (@mmcapcorp), (@marcusmillichap) LOAN AMOUNT: $5,270,000 LOAN TYPE: Construction Loan LOAN TERMS: 10-year loan with 6.5% interest only for three years and 25-year amortization NOTE: Marcus & Millichap Capital Corporation (MMCC) arranged $5,270,000 in financing for a mixed-use retail and office property in Atlantic Beach, Florida. The 10-year loan secured with favorable terms, including 6.5% interest only for three years, will enhance the Atlantic Beach work, play, and dining experience, with completion expected in Fall 2024.

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Address42 East Coast Drive

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