Marcus & Millichap arranges $8M in financing for Union County fitness center | ROI-NJ
Marcus & Millichap Capital Corporation arranged $7,950,000 in financing for the acquisition of a single tenant asset tenanted by LA Fitness in Linden, according to a Thursday release.
Chris Marks and Steve Filippo, based out of MMCC’s Manhattan office, secured the financing with a national bank on behalf of a private client.
“We were able to secure competitive terms in addition to meeting our client’s 1031 deadline,” Marks said.
Terms of the 5-year non-recourse loan include full-term interest-only at a rate of 7.73% and a loan-to-value of 56%.
Located at 950 West Edgar Road, the property spans 41,000 square feet and was constructed in 2023. It is located in a highly trafficked shopping area, adjacent to several major retail stores and restaurants.
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