601-721 West Linden Ave. in Linden — Courtesy: Marcus & Millichap
By Joshua Burd
Marcus & Millichap has arranged $5.6 million in financing for the trade of a 161,000-square-foot warehouse building in Union County, the firm said Monday.
Through its financing arm, Marcus & Millichap Capital Corp., the firm brokered the loan for 601-721 West Linden Ave. in Linden. Eric Seidel, a director in the firm’s New Jersey office, handled the assignment and said the purchase was contingent upon both bank and seller financing.
He added that, when factoring the seller financing into the deal, the buyers and borrowers were able to achieve a 16 percent cash-on-cash return.
“This deal is an excellent example of the value MMCC can bring to a deal,” Seidel said. “Our client required creative financing to make the deal work.
