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$35M in Financing Secured on Properties in Ocean Beach, Chula Vista, Encinitas, La Mesa

Business$35M in Financing Secured on Properties in Ocean Beach, Chula Vista, Encinitas, La Mesa

San Diego real estateA view of the 4900 block of Cape May Avenue in Ocean Beach, where part of the apartment portfolio is located. Photo credit: Screen shot, Google Street View

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 funding.

The ten-year loan for the multifamily portfolio has an interest rate of 3.40% and was secured by Chad O’Connor, an executive managing director for the corporation, a subsidiary of Marcus & Millichap.

The properties include a mix of studios, one bedrooms and two bedrooms and are located at:

  • 56-66 4th Ave., Chula Vista
  • 117 Rosebay Drive, Encinitas
  • 7491 Collins Ave. in La Mesa
  • 4838 Santa Cruz Ave. and 4956 and 4962 Cape May Ave. in Ocean Beach

Amenities at the sites 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 arrange an interest rate that was below market and get the lender to hold the rate for over 90 days in the face of
benchmark indexes going up steadily throughout the process,” O’Connor said.

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