Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $3,370,000 in financing for the acquisition of 2960 Polk Street, a 12-unit condominium property in San Francisco, California.
Chad O’Connor, executive managing director in MMCC’s San Diego office secured the financing with a national bank on behalf of a private client.
“This was a unique opportunity that had individual parcel numbers for each unit, so there is the ability to sell the units off individually if so inclined,” noted O’Connor.
Terms of the 30-year non-recourse loan include a 6.15% fixed interest rate with three years of interest-only payments followed by 30-years amortization, and a loan-to-value of 65%.
Located in the Russian Hill neighborhood of San Francisco, the property features all two-bedroom condominiums, many of which have been recently renovated. It is within walking distance to the waterfront, near Fort Mason, the San Francisco Maritime National Historical Park and Fisherman’s Wharf.
