MMCC Arranges Acquisition Loans for San Diego Multifamily
Marcus & Millichap Capital Corporation (MMCC) arranged a $3,380,000 and a $1,777,000 loan for the acquisition of two multifamily properties in San Diego. Chad O’Connor, executive managing director, capital markets, based out of MMCC’s San Diego office, secured the financing.
The first property, located at 2015 Albatross St. in San Diego, closed in five weeks. The property features seven units and was recently renovated in 2021. The three-year interest only $3,380,000 loan includes an 8% interest rate and a 65% LTV.
The second property, located at 6657 Orr Street, was recently constructed, and features five units. Terms of the $1,777,000, 10-year fixed loan include a 5.6% interest rate, a 30-year amortization and a 50% LTV.
“The multifamily housing market is booming despite current market conditions, and we were able to secure attractive financing for our clients in an incredibly timely manner,” said O’Connor.