Marcus & Millichap Capital Corporation (MMCC) arranged a $6,400,000 loan for the refinancing of Rancho Coronado Condominiums, a multifamily property located at 740-798 Florida St. in Imperial Beach. San Diego-based VP Kevin Elliott and executive managing director Chad O’Connor secured the financing.
“In this challenging market, we were able to secure a conventional loan with an attractive five-year term with an interest rate of 5.94% with I/O over three years followed by six-month SOFR plus 2.5,” said Elliott. “The San Diego multifamily market continues to rely on smaller complexes as opposed to newer, larger developments, and the lender was eager to work with us to meet the client’s needs.”
The 36-unit property was constructed in 1988 and has floorplans ranging from one to three bedrooms. It is located adjacent to the San Diego Freeway, between Downtown Chula Vista and Downtown Tijuana, and about 12 miles south of Downtown San Diego.
MMCC Arranges $6M Refi on Imperial Beach Condos
MMCC Arranges $6M Refi on Imperial Beach Condos
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Marcus & Millichap Capital Corporation (MMCC) arranged a $6,400,000 loan for the refinancing of Rancho Coronado Condominiums, a multifamily property located at 740-798 Florida St. in Imperial Beach. San Diego-based VP Kevin Elliott and executive managing director Chad O’Connor secured the financing.
“In this challenging market, we were able to secure a conventional loan with an attractive five-year term with an interest rate of 5.94% with I/O over three years followed by six-month SOFR plus 2.5,” said Elliott. “The San Diego multifamily market continues to rely on smaller complexes as opposed to newer, larger developments, and the lender was eager to work with us to meet the client’s needs.”
The 36-unit property was constructed in 1988 and has floorplans ranging from one to three bedrooms. It is located adjacent to the San Diego Freeway, between Downtown Chula Vista and Downtown Tijuana, and about 12 miles south of Downtown San Diego.
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