Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $10,200,000 loan for the refinancing of a mixed-use portfolio including four historic properties on Fifth Avenue in the Gaslamp quarter of San Diego, CA.
Chad O’Connor, Executive Managing Director located in the MMCC San Diego office, secured the refinancing on behalf of the client.
The 45,860-square-foot portfolio includesrestaurant, retail, office, hospitality, and multifamilyunits at the following properties:
- 560-566 Fourth Avenue–a two-story 16,400-square-foot property built in 1909.
- 722-728 Fifth Avenue–a three-story, 12,020-square-foot multifamily property comprising 28 units built in 1901.
- 762 Fifth Avenue–a three-story, 7,440-square-foot property built in 1901.
- 826-36 Fifth Avenue–a two-story, 10,000-square-footproperty built in 1895.
“The MMCC San Diego team continues to deliver in what has already been an exceptional year, arranging more than$450 million in financing for our clients,” said O’Connor. “We have secured very attractive terms even in this turbulent credit cycle.The Fifth Avenue portfolio refinance proves the strength of both the residential and retail markets in San Diego even in a rising interest rate environment.”
The5-year fixed loan features a 4.5% interest rate, 30-year amortization, no pre-pay penalty and a 50% LTV.
The historic properties along Fifth Avenue are ideally located and home to outstanding tenants, including Sadaf Restaurant, Myst Lounge, Asti Ristorante, Osteria Panevino, Gaslamp Hostel San Diego, Royal India, Sobas Trozo, La Puerta and Heritage Architecture & Planning.
About Marcus & Millichap Capital Corporation
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 2021, MMCC closed 2,474 transactions totaling $11.6 billion. To learn more, please visit: marcusmillichap.com/financing