Marcus & Millichap Capital Corporation (MMCC) successfully arranged two acquisition loans totaling $5,157,000 for multifamily properties in San Diego. Chad O’Connor, executive managing director of capital markets based out of MMCC’s San Diego office secured the financing.
The first property located at 2015 Albatross St., was recently renovated in 2021 and features seven units. The three-year interest only loan included an 8% interest rate and a 65% LTV amounting to $3,380,000.
The second property located at 6657 Orr Street was newly constructed with five units and had terms that included a 5.6% fixed 10-year loan with 30-year amortization and 50% LTV for the amount of $1,777 000 .
“Despite current market conditions we were able to secure attractive financing for our clients quickly,” said O’Connor regarding the successful transaction.”
