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MMCC Arranges Refi for San Jose Retail
Marcus & Millichap Capital Corporation (MMCC) arranged $3,850,000 for the refinancing of Tully Commercial Center, a retail property located at 1055-1095 Tully Rd. in San Jose. David Campbell, senior managing director, capital markets, based out of MMCC’s Palo Alto office, secured the financing.
“We were able to secure a 5.72% interest rate with a seven-year term and 25-years amortization,” noted Campbell. “Despite overall market decline, the San Jose retail submarket remains steady as the Silicon Valley economy continues to grow.”
Tully Commercial Center features 15 freestanding retail spaces and is located near the 101 Freeway, 10 minutes from downtown San Jose. Major tenants consist of several restaurants including Little Caesars and Hawaiian BBQ, a hair and nail salon and a dry cleaner.
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- ◦Financing
