MMCC Secures $13M in Financing for San Diego Retail Center
Marcus & Millichap Capital Corporation (MMCC) has arranged a $13 million loan for the acquisition of The Shops at AMC Palm Promenade, a recently redeveloped retail power center on Dennery Road in San Diego. The firm’s Chad O’Connor secured the financing on behalf of the borrower.
“The acquisition of The Shops at AMC Palm Promenade illustrates the continued demand for high-quality retail properties in San Diego,” said O’Connor. “The MMCC San Diego team worked closely with the borrower to structure a financing package that met their requirements and we’re pleased to bring this transaction to a successful conclusion.”
Renovated last year, the 72,000-square-foot shopping center includes numerous recognized retail tenants, including Burlington and Starbucks. The seven-year fixed loan has a 5.125 interest rate, 30-year amortization and 60% LTV.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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