Cocoa Lofts—a 154-unit extended-stay hospitality property in Cocoa, Lofts, Fla.—will now have access to $7.76 million in financing after it was secured by Marcus & Millichap Capital Corporation.
Terms of the 10-year loan include a 7.25 percent interest rate with a 25-year amortization period and 60% loan-to-value. The property offers amenities including a pool, fitness center, BBQ area and on-site laundry.
Garrett Fierstein, senior director in MMCC’s Orlando office, secured the financing with a local credit union on behalf of a private client.
“By securing a competitive loan structure with favorable terms through a local credit union, we’ve helped our client unlock value while maintaining long-term stability for Cocoa Lofts,” Fierstein said in a statement. “The property’s affordability profile and amenity-rich offering made it a compelling opportunity in today’s market.”