Marcus & Millichap Arranges $18.4M Construction Financing for Development of Multifamily Properties in Escondido California

555 West Grand Avenue
555 West Grand Ave in Central Escondido is a transit-oriented development site two blocks from the Transit Center that will include 32 rental condominium units and flex office and retail space on the ground floor.

Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $9,200,000 and $9,115,068 construction loans for the development of a multifamily property located at 555 West Grand Avenue and a residential subdivision located at 1217 Nordahl Road respectively, in Escondido, California.

Chad O’Connor, executive managing director, capital markets, based out of Marcus & Millichap’s San Diego office secured the financing. The loans have a two-year term with multiple extension options.

Royal Garden Community, located at 1217 Nordahl Road, will include 15 luxury residential units within a gated community. The location is less than one mile from Interstates 15 and 78, providing easy commuter access to neighboring cities such as Carlsbad, Oceanside, San Marcos and Vista.