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San Diego
Thursday, May 30, 2024
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Gaslamp Buildings Secure Refinancing

Marcus & Millichap Capital Corp., has arranged a $10.2 million loan for the refinancing of a portfolio of four historic Gaslamp Quarter buildings totaling 45,860 square feet.

The borrower was Gaslamp Portfolio Properties, LLC2.

The buildings refinanced were 560-566 Fourth Ave, a two-story, 16,400 square-foot structure built in 1909; 722-728 Fifth Ave., a three-story, 12,020 square-foot apartment building constructed in 1901 that has 28 apartments; 762 Fifth Ave., a three-story, 7,440 square-foot structure built in 1901; and 826-836 Fifth Ave., a two-story, 10,000 square-foot building erected in 1895.

Tenants in the buildings include Sadaf Restaurant, Myst Lounge, Asti Ristorante, Osteria Panevino, Gaslamp Hostel San Diego, Royal India, Sobas Trozo, La Puerta, and Heritage Architecture & Planning.

The five-year loan has a 4.5% interest rate.

Chad O’Connor, executive managing director of Marcus & Millichap’s San Diego office, secured the financing on behalf of Gaslamp Portfolio Properties.

“The Fifth Avenue portfolio refinance proves the strength of both the residential and retail markets in San Diego even in a rising interest rate environment,” O’Connor said.

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