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MMCC Arranges Take-Out Refi on San Diego Mixed-Use
Marcus & Millichap Capital Corporation (MMCC) arranged $2,750,000 for the refinancing of North of Market, a mixed-use retail and multifamily property located at 701-721 8th Ave in San Diego. Chad O’Connor, executive managing director, capital markets and based out of MMC’s San Diego office, secured the financing.
“This was a unique situation where there was an existing bridge loan that was coming due; however, the remodeling of the property took longer than expected due to supply chain issues,” said O’Connor. “The existing lender was not willing to extend, so we were able to source another bridge lender to take out the existing loan.”
Terms of the loan include a three-year fixed rate of 7.75% interest-only with an LTV of 65%. The recently renovated 10-unit property is located in the East Village, three blocks from Petco Park and less than a mile to the San Diego Convention center. Retail tenants include a restaurant, a salon and a clothing store.
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- ◦Financing
