Marcus & Millichap Capital Corporation (MMCC) arranged $3,590,000 in financing for a 12-unit multifamily property located at 3531 Florida St. in San Diego. 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.
The loan features a fully amortizing 30-year term with three years of interest-only payments at a 5.95% rate, and a 65% loan-to-value.
“The property’s strong location and amenity mix made it an ideal candidate for long-term fixed-rate financing, and we’re pleased to have delivered a solution that aligns with our client’s investment goals,” said O’Connor.
3531 Florida St. contains a mix of studio to two-bedroom units. It offers onsite laundry, a barbeque area and a pool.
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