Marcus & Millichap Capital Corporation (MMCC) arranged $12.6 million in financing for the acquisition of Bel Air and El Commodor Apartments, two contiguous 27-unit multifamily properties located at 315-343 S. Bedford Rd. in Orange.
Rick Judge, senior managing director in MMCC’s Orange County office, secured the financing on behalf of a private client. The loan was provided by a national bridge lender and features a two-year term with full-term interest only payments and an 80% loan-to-value ratio.
“This financing provides the borrower with a flexible bridge structure to execute its business plan for two well-located multifamily assets,” said Judge. “The properties’ proximity to major healthcare employers, the MainPlace Mall and regional transportation corridors supports their long-term investment profile.”
Bel Air and El Commodor Apartments offer studio, one- and two-bedroom units within gated communities featuring courtyards. The properties are situated approximately half a mile from the multi-phase redevelopment of MainPlace Mall and within walking distance of Children’s Hospital of Orange County and Providence St. Joseph Hospital.
