Marcus & Millichap Capital Corporation (MMCC), a provider of commercial real estate capital markets financing solutions, arranged $9.2 million and $9.12 million in construction loans for the development of a multifamily property located at 555 West Grand Ave. and a residential subdivision located at 1217 Nordahl Road, respectively, in Escondido, California.
Chad O’Connor, executive managing director, capital markets based out of MMCC’s San Diego office secured the financing.
The loans have a two-year term with multiple extension options. 555 West Grand Ave. in Central Escondido is a transit-oriented development site two blocks from the Transit Center that will include 32 rental condominium units and flex office and retail space on the ground floor.
Royal Garden Community, located at 1217 Nordahl Road, will include 15 luxury residential units within a gated community.
