Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $6,400,000 loan for the refinancing of Rancho Coronado Condominiums, a multifamily property located at 740-798 Florida St. in Imperial Beach, California.
Kevin Elliott, vice president, capital markets, and Chad O’Connor, executive managing director, based out of MMCC’s San Diego office secured the financing.
“In this challenging market, we were able to secure a conventional loan with an attractive 5-year term with an interest rate of 5.94% with I/O over three years followed by 6-month SOFR plus2.5,” said Elliott. “The San Diego multifamily market continues to rely on smaller complexes as opposed to newer, larger developments, and the lender was eager to work with us to meet the client’s needs.”
The 36-unit property was constructed in 1988 and has floorplans consisting of one to three bedroom units. It is located adjacent to the San Diego Freeway, between Downtown Chula Vista and Downtown Tijuana, and about 12 miles south of Downtown San Diego.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2022, MMCC closed 2,143 transactions totaling $12.82 billion. To learn more, please visit: marcusmillichap.com/financing.
