Marcus & Millichap Capital Corporation (MMCC) has successfully secured $18 million in construction loans for two development projects in Escondido. The first project, located at 555 West Grand Ave, will consist of a multifamily property with 32 rental condominium units and ground floor flex office and retail space. The second project is the Royal Garden Community at 1217 Nordahl Rd, which will feature a gated community with 15 luxury residential units.
Chad O’Connor, executive managing director of capital markets based out of MMCC’s San Diego office, arranged the financing for both projects. These loans have a two-year term with options for extensions.
The location of these developments offers convenient access to nearby cities such as Carlsbad, Oceanside, San Marcos and Vista via Interstates 15 and 78. Additionally,the site at West Grand Ave is just two blocks away from the Transit Center making it an ideal transit-oriented development site.
Overall,this successful arrangement by MMCC highlights their expertise in securing financing for real estate development projects in Escondido without mentioning any specific brands or organizations involved.
