Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, 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, California.
Kevin Elliott, vice president, capital markets, and Chad O’Connor, executive managing director, based out of MMCC’s San Diego office secured the financing.
“In this challenging market, we were able to secure a conventional loan with an attractive 5-year term with an interest rate of 5.94 percent with I/O over three years followed by 6-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 consisting of one to three bedroom units. 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.