Marcus & Millichap Capital Corporation (MMCC), a provider of commercial real estate capital markets financing solutions, has arranged $19.5 million in financing for Elan Village North in Oceanside, California.
Chad O’Connor, executive managing director, capital markets, in Marcus & Millichap’s San Diego Del Mar office, exclusively financed this deal for a private investor. The 10-year fixed loan was structured with a competitive interest rate of 3.20% and 65% loan-to-value. The loan has a 30-year-term with a 30-year AMO. Elan Village North is located at 854 Vine St., Oceanside, California.
Elan Village North is easily walkable, and nearby are sandy beaches, a central business village and the historic Oceanside wooden pier. The units come with newly remodeled kitchens, private balconies, and a spa and pool for tenant-use. This property is also situated near major thoroughfares as well as San Diego attractions like Legoland, SeaWorld, Disneyland and the zoo.
“We were very impressed with the property and the surrounding amenities. Its best-in-class features in addition to its proximity to premier destinations make it an exciting location for Oceanside residents, and this cash refinancing loan will help Elan Village North continue to thrive and evolve as a beautiful place to live in this community,” said O’Connor.