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MMCC Makes Quick Work of Acquisition Loan for Redwood City Multifamily
Marcus & Millichap Capital Corporation (MMCC) arranged $3,185,000 in financing for the purchase of a 15-unit multifamily property located at 280 Howland St. in Redwood City. Chad O’Connor, executive managing director in MMCC’s San Diego office, secured the financing with a private family office bridge lender.
“Our team worked closely with the firm’s investment sales division to meet the client’s needs and source local financing in a timely manner,” said O’Connor. “We were able to secure a three-year loan with full-term interest only and a loan-to-value of 65%, bringing the transaction ready to close in just three weeks.”
The property features a mix of studio to two-bedroom units and is within walking distance of downtown Redwood City. It is situated between El Camino Real and the Bayshore Freeway, providing direct access to San Francisco, San Jose and the greater Bay Area.
- ◦Financing