Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $4,292,000 acquisition loan for a 20-unit multifamily property located at 991 Postal Way in Vista, California.
The loan was secured by Chad O’Connor, Executive Managing Director, Capital Markets based out of MMCC’s San Diego, California office.
“The low-rise apartment complex is in one of the fastest growing population areas in the North County region, just north of San Diego, making it a highly desirable asset,” said Mr. O’Connor. “We were able to secure favorable financing terms for our client, which included a bridge loan with TI dollars in addition to the initial acquisition funding. The terms included a competitive 6.85% interest rate, three-year term and a 65% loan-to-value ratio.”
The 40,075-square-foot, two-story multifamily property is located on a quiet street, offering rapid access to both the Ronald Packard Parkway and the commercial corridor on South Santa Fe Avenue, and is within walking distance of a variety of grocery stores, retailers, hotels, cafés, and dining options.
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 2022, MMCC closed 2,143 transactions totaling $12.82 billion. To learn more, please visit: marcusmillichap.com/financing.