Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $3,960,000 in financing for Penny Lane apartments, a 14-unit multifamily property located at 1170 Sumner Ave. in El Cajon. Kevin Elliott, senior director in MMCC’s Orange County office, secured a 30-year, fully amortized loan at 65% loan-to-value with a national bank on behalf of a private client.
“Penny Lane Apartments benefits from a diverse unit mix and a location that offers access to the broader San Diego employment base,” said Elliott. “Those fundamentals supported competitive lender interest and resulted in long-term financing that complements the client’s investment objectives.”
The property offers units ranging from studios to three bedrooms and is pet friendly. Amenities include balconies or patios, a barbeque and picnic area, laundry facilities, a courtyard and a dog run. It is approximately 17 miles from downtown San Diego.
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