Updated May 12, 2025
Marcus & Millichap Capital Corporation Secures $3.66 Million Refinance For Multifamily Property In Castroville
11320 Sanchez Street
$3,660,000
Units
23
Asset Type
MultiFamily
Closing
Apr 2, 2025
About this deal
AI
A 23-unit multifamily property located at 11320 Sanchez Street in Castroville, CA, was recently refinanced. The loan amount secured for this asset is $3,660,000, with terms set for 5 years through a local credit union. The refinancing includes a 6.06% interest rate and one year of interest-only payments, offering a loan-to-value ratio of 60%.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,660,000
- Loan Type: Refinance
- Loan Terms: 5-year
- Units: 23
- Address: 11320 Sanchez Street
- Market: Castroville
Kevin Elliott of Marcus & Millichap Capital Corporation represented the refinancing transaction, successfully securing the loan for the property. The refinancing was structured to align with the asset’s financial requirements, demonstrating Kevin's role in facilitating the deal through the partnership with a local credit union.
On the Map
$3,660,000
MultiFamily
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Castroville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.33%
Cash-on-Cash
-1.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93