MMCC arranges $9 Million financing for Norfolk, VA hospitality property

NORFOLK, VA — Marcus & Millichap Capital Corporation (MMCC), a provider of commercial real estate capital markets financing solutions, arranged an $8,940,000 loan to refinance the Wyndham Garden Norfolk Downtown, a 354-key hospitality property located at 700 Monticello Ave. in Norfolk, Virginia.

Robert Bhat, senior managing director in MMCC’s Miami office, secured the financing with a global investment bank on behalf of a private client. The loan is non-recourse and features a five-year term with a 7% interest rate and full term interest only.

“We are pleased to secure financing for Wyndham Garden Norfolk Downtown, supporting the local hospitality sector,” said Bhat. “Its prime location and strong market made it an appealing investment, and we anticipate continued success in downtown Norfolk.”

The property is located in downtown Norfolk within walking distance of several museums, historic sites and the beach, and is less than 8 miles from Norfolk International Airport.