Real Estate San Diego
A view of the 4900 block of Cape May Avenue in Ocean Beach, where part of the apartment portfolio is located. Photo credit: Screenshot, 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 company said.

The loan covers nearly 151 units across five properties, according to Marcus & Millichap Capital Corporation, which arranged the financing.

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

The properties include a mix of studio, one bedroom and two bedroom apartments 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. at Ocean Beach

On-site facilities include swimming pool, 24-hour maintenance and outdoor activities
green spaces.

“There is a lot of turmoil in the capital market today, but we were able to arrange a below market interest rate and get the lender to hold the rate for over 90 days in the face of
benchmarks steadily increase throughout the process,” O’Connor said.