Kevin Elliott Of Marcus & Millichap Secures $3.96M Loan For 14-Unit Multifamily In El Cajon

The asset involved in this transaction is Penny Lane Apartments, a 14-unit multifamily property located at 1170 Sumner Avenue in El Cajon, CA. The financing secured for this property amounts to $3,960,000, featuring a 30-year fully amortized loan. The property benefits from its unit mix and is in close proximity to San Diego employment hubs, making it a strategically located asset.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,960,000
• Loan Terms: 30-year
• Units: 14
• Address: 1170 Sumner Avenue
• Market: El Cajon, CA
• Broker: Kevin Elliott - Marcus & Millichap
• Loan-to-Value: 65%

The financing was arranged by Marcus & Millichap Capital Corporation, with Kevin Elliott representing a private client in this transaction. The lender for this loan was a national bank, emphasizing the financial backing provided to secure this multifamily asset.