Marcus & Millichap Capital Corporation (MMCC) recently facilitated the refinancing of North of Market, a mixed-use retail and multifamily property in San Diego. The $2,750,000 loan was arranged by Chad O’Connor, executive managing director at MMC’s San Diego office.
According to O’Connor, this was a unique situation where the existing bridge loan was coming due but delays in property renovations caused by supply chain issues made it difficult for the borrower to secure an extension from their current lender. MMCC stepped in and successfully sourced another bridge lender to take over the existing loan.
The terms of the new three-year fixed-rate financing include an interest-only period with 7.75% interest rate and a 65% LTV ratio. The recently renovated property features ten units and is located just three blocks away from Petco Park in East Village as well as less than one mile from San Diego Convention Center. Retail tenants at this prime location include a restaurant, salon and clothing store.
This successful transaction showcases MMCC’s expertise in arranging financing solutions for commercial real estate properties across various asset classes.
