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MMCC Arranges $10M Refi for San Diego Mixed-Use Portfolio
Marcus & Millichap Capital Corporation (MMCC), a provider of real estate financing solutions, has arranged a $10.2 million loan for the refinancing of a mixed-use portfolio of historic properties along 5th Avenue in the Gaslamp Quarter of San Diego. The firm’s Chad O’Connor secured the refinancing on behalf of the client.
The portfolio, which totals nearly 46,000 square feet, includes restaurant, retail, office, hospitality and multifamily units with a diverse range of tenants including Sadaf Restaurant, Myst Lounge, Gaslamp Hostel San Diego and Heritage Architecture and Planning. The 5-year fixed loan features a 4.5% interest rate, 30-year amortization, no pre-pay penalty and a 50% LTV.
“The MMCC San Diego team continues to deliver in what has already been an exceptional year, arranging more than $450 million in financing for our clients,” said O’Connor. “The Fifth Avenue portfolio refinance proves the strength of both the residential and retail markets in San Diego.”
- ◦Financing
