**MMCC Secures $4.38M Acquisition Loan for San Diego Morton’s Steakhouse**
Marcus & Millichap Capital Corporation (MMCC) has successfully arranged $4,380,000 in financing for the acquisition of a single-tenant property leased by Morton’s The Steakhouse. The restaurant is located at 285 J Street, at the edge of San Diego’s vibrant Gaslamp Quarter.
Chad O’Connor, Executive Managing Director at MMCC’s San Diego office, facilitated the loan on behalf of a private client through a national credit union. The financing includes a six-year term, a 6.09% interest rate, and a 30-year amortization schedule with a 65% loan-to-value ratio.
“This is a strong location for Morton’s, but a significant portion of the rent is tied to percentage of sales, which most lenders typically exclude from underwriting,” said O’Connor. “However, we were able to identify a lender who recognized the long-term consistency of sales at this site and the underlying strength of the real estate, allowing them to include the full percentage rent in their underwriting.”
The transaction highlights MMCC’s ability to navigate complex financing structures and secure competitive lending terms for high-quality, income-generating assets.
