Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $13,100,000 loan for the acquisition of The Shops at AMC Palm Promenade, a recently redeveloped retail power center located at 756-804 Dennery Road in San Diego, California.
Chad O’Connor, senior managing director in the MMCC San Diego office, secured the financing on behalf of the borrower.
Renovated in 2021, the 72,390-square-foot power center is prominently located at the on/off ramp of I-805 and Palm Avenue and includes numerous recognized retail tenants.
“The acquisition of The Shops at AMC Palm Promenade illustrates the continued demand for high-quality retail properties in San Diego,” said O’Connor. “The MMCC San Diego team worked closely with the borrower to structure a financing package that met their requirements and we’re pleased to bring this transaction to a successful conclusion.”
The seven-year fixed loan has a 5.125 percent interest rate, 30-year amortization and a 60% LTV. The transaction also continues the recent success for the MMCC San Diego office, which closed approximately $69 million in multifamily financing deals throughout summer 2022.