Marcus & Millichap Capital Corp. has arranged a $6,465,000 acquisition loan for The Village at Augusta Ranch, a 25,714-square-foot shopping center in Mesa.
Built in 2001, the property at Ellsworth and Baseline roads is shadow anchored by Albertson’s grocery store. Tenants include Subway, Simply Tan, American Family Insurance, The UPS Store, Supercuts and Mathnasium, according to a release.
MMCC advisors Jared Cassidy, first vice president, based in Washington D.C., and Garrett Fierstein, senior director, based in Orlando, Florida, structured the transaction. Financing was secured through a local community-based bank. The loan term is seven years with an interest rate of 3.59% and amortization of 25 years. The LTV is 67%.
“There was a considerable amount of lender interest in this asset as it is a well-located grocery-shadow anchored asset,” said Cassidy.
The client is an experienced investor based in Florida and needed a solution to utilize a 1031 exchange. The team utilized MMCC’s extensive geographic reach to identify a retail property that matched the criteria to complete the transaction. MMCC drew upon its robust capital markets relationships to select a lender who executed on a high level with a very attractive loan product, the release states.
Marcus & Millichap Capital Corp. is a subsidiary of Marcus & Millichap, a commercial real estate investment services firm with offices throughout the U.S. and Canada. Go to marcusmillichap.com/financing.
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