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Image Credit Cocoa Lofts
Marcus & Millichap Capital Corporation (MMCC) has arranged $7,764,750 in financing for Cocoa Lofts, an extended-stay hospitality property located at 900 Friday Road in Cocoa, Florida. The financing was secured through a local credit union on behalf of a private client.
The loan for the 154-unit property includes a 10-year term at an interest rate of 7.25%. It features a 25-year amortization period and a loan-to-value ratio of 60%. Cocoa Lofts provides amenities such as a pool, fitness center, BBQ area, and on-site laundry facilities.
The financing deal was facilitated by Garrett Fierstein, a senior director at MMCC’s Orlando office. The arrangement aims to provide long-term financial stability for Cocoa Lofts while leveraging the property’s affordability and amenities.
The transaction reflects current market conditions and the demand for extended-stay accommodations in the region. The financing structure is intended to support the property’s operational and financial objectives over the coming decade.
