Marcus & Millichap Capital Corp. (MMCC), a provider of commercial real estate financing and capital markets expertise, has arranged a $13.69 million nonrecourse loan to acquire an 82,229-square-foot, Schnucks-anchored retail center in Peoria, Illinois.
“Given the strong credit of Schnucks, which has provided a 20-year triple-net lease, and the location’s excellent demographics, MMCC secured a nonrecourse loan with a 75 percent loan-to-value and two years of interest-only followed by a 30-year amortization,” said Robert Bhat, MMCC vice president capital markets.
Bhat arranged the financing and Marcus & Millichap’s Brett Chetek, Chris Garavaglia and Alex Perez represented the seller and procured the buyer. The sale price was $18.25 million. Steven Weinstock, regional manager/managing broker is Marcus & Millichap’s broker of record in Illinois.