Marcus & Millichap Capital Corporation (MMCC) arranged a $6,400,000 loan for the refinancing of Rancho Coronado Condominiums, a multifamily property located at 740-798 Florida St. in Imperial Beach. San Diego-based VP Kevin Elliott and executive managing director Chad O’Connor secured the financing.
“In this challenging market, we were able to secure a conventional loan with an attractive five-year term with an interest rate of 5.94% with I/O over three years followed by six-month SOFR plus 2.5,” said Elliott. “The San Diego multifamily market continues to rely on smaller complexes as opposed to newer, larger developments, and the lender was eager to work with us to meet the client’s needs.”
The 36-unit property was constructed in 1988 and has floorplans ranging from one to three bedrooms. It is located adjacent to the San Diego Freeway, between Downtown Chula Vista and Downtown Tijuana, and about 12 miles south of Downtown San Diego.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).