SAN CLEMENTE, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.76 million fixed-rate loan to refinance a 23,602-square foot mixed-use office and retail building, located at 1020 Calle Recodo in San Clemente.
Chad O’Connor, (top right photo) a senior director in the firm’s San Diego office, arranged the financing package for the San Clemente office building.
“The property is a quality office building located in South Orange County,” says O’Connor. “The borrower contacted many lenders, but couldn’t find a lender who would finance a single-tenant, special-purpose property.
“MMCC was able to secure a lender that could finance the transaction and deliver a 70 percent loan-to-value when most other lenders are only financing a 60 percent loan-to-value,” says O’Connor.
Financing for this transaction was provided by Mark One Capital, Inc. at a 6 percent interest rate. Terms of the loan are for five years with a 30-year amortization schedule.
“We were able to deliver an interest rate 100 basis points below the competition, and a 30-year amortization schedule rather than a 25-year schedule,” says O’Connor.
Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704
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