Marcus & Millichap Capital Corporation (MMCC) successfully 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. San Diego-based VP Kevin Elliott and executive managing director Chad O’Connor secured the financing with an attractive five-year term and an interest rate of 5.94%, featuring I/O over three years followed by six months SOFR plus 2.5%.
Elliott commented that “in this challenging market we were able to meet our client’s needs through conventional loan terms despite smaller complexes being favored over newer larger developments in the San Diego multifamily market.” The 36-unit property was constructed in 1988 and offers floorplans ranging from one to three bedrooms; it is situated adjacent to the San Diego Freeway between Downtown Chula Vista and Downtown Tijuana, about 12 miles south of Downtown San Diego.
