Marcus & Millichap Capital Corporation (MMCC) has arranged $8 million in financing for the Vista Terrace Apartments in Vista, CA. The 34-unit property is located on Plymouth Drive and includes a mix of one-, two- and three-bedroom units as well as a swimming pool, outdoor courtyard and private patios.
The financing was secured by MMCC’s Michael Derk and Nick Gray. “Demand for well-located properties in California is high,” said Derk in a news release. “Submarkets near major city centers that provide attractive multifamily housing are seeing consistent activity and our team was able to successfully secure competitive financing.”
The seven-year fixed loan for the Vista Terrace Apartments has an LTV of 64% and an interest rate of 3.35%. The property provides access to local green spaces as well as retail and entertainment.