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MMCC Arranges Acquisition Debt for Multi-Tenant San Diego Office
Marcus & Millichap Capital Corporation (MMCC) has arranged $5.07 million in financing for the purchase of a multi-tenant office property at 9801 Scripps Lake Dr. in San Diego. The transaction was secured by San Diego-based executive managing director Chad O’Connor.
“Multi-tenant office properties are experiencing increased demand in the market as the real estate landscape returns to a sense of normal,” said O’Connor. “Commercial, multi-tenant office properties are seeing active enthusiasm from lenders, especially as workers return to traditional offices and demand for housing and other asset types remain competitive in the Scripps Ranch and Miramar area, demonstrating a robust economy and a strong pipeline for talent in the region.”
The 10-year loan has an LTV of 65%, an interest rate of 3.875% and a 30-year amortization. The two-story, 13,628 square foot property is in proximity to the I-15, within close distance of downtown San Diego and numerous local businesses.
- ◦Financing
