Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $4,200,000 loan for the refinancing of Highland Pacifica Apartments located at 2428 Highland Avenue in National City, 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 an effort to combat the county’s housing crisis, new public policy is pulling back restrictions that handcuffed redevelopment in San Diego,” said Elliott. “Property owners are eager to realize the new full potential of their real estate. This refinance allowed our borrowers to recapitalize on their construction costs prior to stabilizing the property. There is no exit fee on the new loan allowing them to refinance if rates drop in the near future, and the loan is fixed for three years, potentially hedging against further rate hikes.”
The 17-unit property wasconstructed this year and consists of various floor plans ranging from studios to three bedrooms. Located between the San Diego Freeway and the Jacob DekemaFreeway, the Highland Pacifica Apartments are just five miles south of Downtown San Diego and five miles north of Downtown Chula Vista.
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.
