MacKenzie Capital Secures Cash Out Non-Recourse Financing in Frederick, MD
John Black, Will Goetschius, and Brendan Harman of MacKenzie Capital, LLC, are pleased to announce they have secured $6.6 million in non-recourse financing to recapitalize an office building in Frederick, Maryland. The transaction refinanced existing debt and secured significant cash out proceeds to the sponsorship. The lender and the sponsorship were able to negotiate minimal reserves.
“Our team was thrilled to monetize the value created by the sponsorship through releasing the once substantially vacant building to a long-term credit tenant,” stated Brendan Harman, Assistant Vice President of MacKenzie Capital.
John Black, President of MacKenzie Capital added, “once again it’s all about sponsorship and their real estate savvy to acquire an asset at a discount and create value through leasing and capital improvements. Congratulations to them on the value creation and ability to repatriate their equity on this investment.”
MacKenzie Capital, LLC (“MacCap”) is a real estate capital advisory firm that commercial real estate owners, developers, and investors rely on for their debt, equity, and project financing needs. Our creative, hands-on, and client-focused approach to capital advisory ensures that our clients are getting the most effective financing for their project in the current market. For decades, our team of experienced advisors has successfully arranged financing for small and large projects of all property types throughout the country. MacCap is an affiliate of The MacKenzie Companies, one of the Mid-Atlantic’s largest independently-owned full-service commercial real estate firms that is based in Baltimore, Maryland.
For more information about MacKenzie Capital, please visit www.mackenziecommercial.com, or contact John Black at jblack@mackenziecommercial.com or 410.494.6652, Will Goetschius at wgoetschius@mackenziecommercial.com, or202.341.6474, or Brendan Harman at bharman@mackenziecommercial.com or 410.494.6656.
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MacKenzie Ventures, LLC (MacKenzie) possesses the multi-disciplined team necessary to excel in Maryland’s corporate real estate community. Comprising seven firms, MacKenzie provides clients a competitive, full service platform of offerings in leasing, sales, investment sales, tenant and landlord advisory services, corporate and business consulting, commercial and residential development, general construction, property and asset management, debt and equity capital placement, and market research. With more than 150 employees and offices in Annapolis, Baltimore, Bel Air, Columbia, and Lutherville, Maryland, MacKenzie is one of the largest full service commercial real estate firms in the Mid-Atlantic. Please visit www.mackenziecommercial.com for more information.
