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California  + San Diego  + Apartments  | 

MMCC Secures Financing for El Cajon Multifamily

Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $3,960,000 in financing for Penny Lane apartments, a 14-unit multifamily property located at 1170 Sumner Ave. in El Cajon. Kevin Elliott, senior director in MMCC’s Orange County office, secured a 30-year, fully amortized loan at 65% loan-to-value with a national bank on behalf of a private client.

“Penny Lane Apartments benefits from a diverse unit mix and a location that offers access to the broader San Diego employment base,” said Elliott. “Those fundamentals supported competitive lender interest and resulted in long-term financing that complements the client’s investment objectives.”

The property offers units ranging from studios to three bedrooms and is pet friendly. Amenities include balconies or patios, a barbeque and picnic area, laundry facilities, a courtyard and a dog run. It is approximately 17 miles from downtown San Diego.

Read More News Stories About: Marcus & Millichap
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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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