Commercial real estate firm Marcus & Millichap, with an office in Elmwood Park, announced Friday it has arranged debt on two properties for different sponsors totaling $15.2 million.
According to the announcement, Joseph Belgiovine, an associate director in the firm's New Jersey office, arranged the retail and multifamily loans. The first transaction totaled $10.2 million for a 94,000-square-foot industrial property in Carlstadt. The 12-year loan amortizes over 20 years at 4.1 percent, with 70 percent loan-to-value. The second transaction totaled $5 million for a 108-unit garden apartment complex in Passaic. The 10-year loan amortizes over 30 years with a 65 percent loan-to-value.
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