Marcus & Millichap Capital Corporation (MMCC) recently arranged a $6,400,000 loan for the refinancing of Rancho Coronado Condominiums in Imperial Beach. San Diego-based Vice President Kevin Elliott and Executive Managing Director Chad O’Connor secured the financing with an attractive five-year term at 5.94% interest rate with 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 and secure a conventional loan from a lender eager to work with us.” The 36-unit property was constructed in 1988 and features floorplans ranging from one to three bedrooms located adjacent to the San Diego Freeway between Downtown Chula Vista and Downtown Tijuana – about 12 miles south of downtown San Diego.
This successful transaction demonstrates MMCC’s ability to provide expert advice even during difficult times while meeting their clients’ financial goals efficiently.
