Marcus & Millichap Capital Corporation Secures $6.4M Loan For Rancho Coronado Condominiums In Imperial Beach

Rancho Coronado Condominiums, a multifamily property located at 740-798 Florida Street in Imperial Beach, California, has been refinanced with a $6.4 million loan. The property consists of 36 units and is situated in the San Diego market, which has a high demand for smaller multifamily properties. The loan has a 5-year term and carries an interest rate of 5.94%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,400,000
• Units: 36

Kevin Elliott and Chad O’Connor from Marcus & Millichap Capital Corporation represented the parties involved in this refinancing transaction. MMCC successfully secured the loan, meeting the financing needs of the Rancho Coronado Condominiums. The loan terms include a 5-year term with an interest rate of 5.94%, providing the property owners with the opportunity to take advantage of an interest-only period over the first three years. Afterward, the loan will be subject to a 6-month SOFR plus 2.5 interest rate.

The refinancing of Rancho Coronado Condominiums demonstrates MMCC's expertise in navigating the market and fulfilling the financing requirements of smaller multifamily properties. This transaction benefits the property owners by providing them with a favorable loan that aligns with the current market conditions.