Marcus & Millichap Secures $15M Loan For MultiFamily Property In Hell's Kitchen

The multifamily property at 521-523 W. 48th Street in New York, NY, 10036, is a 45-unit building located in the Hell’s Kitchen neighborhood. Originally built in 1940, this property has recently undergone a refinancing deal with a loan amount of $15,000,000.00. The loan was arranged by Marcus & Millichap Capital Corp on behalf of an undisclosed borrower. The financing involved a seven-year term, a 3.1 percent fixed interest rate, and a 75 percent loan-to-value ratio.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $15,000,000.00
• Address: 521 W 48th St, New York, NY, 10036
• Market: New York
• Borrower's Rep: Steven Rock(Marcus & Millichap)
• Lender: Unknown life insurance company

Steven Rock and Christopher Marks of Marcus & Millichap played significant roles in arranging the $15 million loan for the multifamily property at 521-523 W. 48th Street. The undisclosed borrower was represented by Steven Rock in this refinancing deal with an unknown life insurance company providing the loan. This financing involved favorable terms, ensuring a beneficial outcome for the borrower in the Hell’s Kitchen neighborhood of New York.