Marcus & Millichap Capital Corporation (MMCC) has successfully arranged financing for the purchase of a 15-unit multifamily property in Redwood City. The $3,185,000 loan was secured by Chad O’Connor, executive managing director at MMCC’s San Diego office, through a private family office bridge lender.
According to O’Connor, their team collaborated closely with the firm’s investment sales division to fulfill the client’s requirements and secure local financing within a short period of time. They were able to obtain a three-year loan with full-term interest only and 65% loan-to-value ratio. This enabled them to close the transaction in just three weeks.
The property offers studio to two-bedroom units and is conveniently located near downtown Redwood City. It enjoys easy access to major transportation routes such as El Camino Real and Bayshore Freeway which provide direct connections to San Francisco, San Jose, and other areas within the Bay Area.
This achievement showcases MMCC’s expertise in arranging quick acquisition loans for multifamily properties like this one on Howland St., making it an ideal choice for investors looking for efficient financial solutions without compromising quality service.
