Nearly $35 million in financing has been secured for a portfolio of multifamily properties located in San Diego and three suburbs, a real estate firm announced.
The loan covers nearly 151 units spread across five properties, according to Marcus & Millichap Capital Corporation, which arranged the financing.
The ten-year loan for the multifamily portfolio carries an interest rate of 3.40% and was guaranteed by Chad O’Connor, CEO of the corporation, a subsidiary of Marcus & milcap.
Properties include a mix of studios, one-bedroom and two-bedroom apartments and are located at:
On-site amenities include a swimming pool, 24-hour maintenance, and outdoor green spaces.
“There is a lot of turmoil in the capital market today, but we were able to fix an interest rate that was below market and get the lender to hold the rate for 90-plus days against benchmarks that were rising steadily throughout the entire period. the process. O’Connor said.
