Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $3.66 million for the refinancing of a 23-unit multifamily property located at 11320 Sanchez Street in Castroville, California.
Kevin Elliott, senior director in MMCC’s Orange County office, secured the financing with a local credit union on behalf of a private client.
“Castroville, a small town nestled in California’s agricultural heartland, boasts a thriving market for multifamily tenancy,” said Elliott. “The high demand and substantial barriers of entry for new multifamily inventory contribute to significant appreciation and robust rent growth. Our borrower successfully refinanced their previous loan with a low fixed rate loan with a flexible prepayment schedule.”
Terms of the 5-year loan include a 6.06% interest rate with one year IO, a 29-year amortization period and a 60% loan-to-value.
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 2024, MMCC closed 1,249 transactions totaling $9.1 billion. To learn more, please visit: marcusmillichap.com/financing.
