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Marcus & Millichap Capital Secures $2.75M Refinance Loan For San Diego Mixed-Use Property

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FINANCED
$2,750,000

California

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Mixed-use
Financed 10/27/2023
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Property Image
FINANCED

Marcus & Millichap Capital Secures $2.75M Refinance Loan For San Diego Mixed-Use Property

701 8th Avenue & 721 8th Avenue

See Similar Deals
Mixed-use
Financed 10/27/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Mixed-use
Transaction Type:Loan

The North of Market property in San Diego has recently undergone renovations and is now the subject of a refinancing deal. The property, located at 701-721 8th Avenue, is a mixed-use asset in the San Diego market.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $2,750,000
  • Loan Type: Refinance
  • Loan Terms: three-year fixed rate of 7.75% interest-only with an LTV of 65%

Marcus & Millichap Capital Corporation (MMCC), represented by broker Chad O'Connor, secured a $2.75 million refinancing loan for the North of Market property. The loan was obtained to replace an expiring bridge loan. Chad O'Connor, an executive managing director at MMCC's San Diego office, successfully arranged the loan for this recently renovated mixed-used property.

Players

Chad O’Connor
Marcus & Millichap
Chad O’Connor
27 deals$267.3M volume
BROKER

Details

FINANCED
IMAGE: Chad O’Connor DATE: 10/27/2023 ADDRESS: 701-721 8th Avenue MARKET: San Diego ASSET TYPE: Mixed-use BROKER: Chad O’Connor - Marcus & Millichap Capital Corporation (@MMCapCorp) LOAN AMOUNT: $2,750,000 LOAN TYPE: Refinance LOAN TERMS: three-year fixed rate of 7.75% interest-only with an LTV of 65% NOTE: Marcus & Millichap Capital Corporation (MMCC) arranged $2.75 million in refinancing for the North of Market property in San Diego. Chad O'Connor, executive managing director at MMC's San Diego office, secured the loan to replace an expiring bridge loan for the recently renovated mixed-use property.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$2,750,000.00

Monthly NOI$18,333.33
Monthly Debt Service$17,381.87
Change in Cash Flow$0.00
Refinance Proceeds$0.00