California + San Diego + Apartments | May 5, 2023

Marcus & Millichap Capital Corporation arranged financing totaling more than $5 million for the acquisition of two multifamily properties in San Diego

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.

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Inside The Story

MMCC's O'Connor

About Paul Bubny

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).

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