Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $4.6 million for the refinancing of Hillside Villas, a 38-unit multifamily property in San Diego, California.
Chad O’Connor, executive managing director in MMCC’s San Diego office, secured the financing with a national bank on behalf of a private client. Terms of the 30-year loan include 3 years of interest only and a 5.58% interest rate with a 27-year amortization period and a 50% loan-to-value.
The property was built in 1976 features one-bedroom, one-bathroom units averaging 550 square feet. Hillside Villas is located within walking distance of the beach. On-site amenities include laundry facilities and a courtyard. It is pet friendly and parking is included.
Adjacent to the Bay and about 13 miles south of Downtown San Diego, Egger Highlands has vibrant single-family homes and townhouses for rent. Palm Avenue serves as the busiest street in the neighborhood and has a plethora of restaurants and amenities.
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.73 billion.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
