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. The properties offer studio, one- and two-bedroom units within gated communities featuring courtyards. They 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.
Judge said the financing provides the borrower with a flexible bridge structure to execute its business plan for two well-located multifamily assets. He cited the properties' proximity to major healthcare employers, MainPlace Mall, and regional transportation corridors as supporting their long-term investment profile. The bridge structure and interest-only payments suggest a value-add or transitional strategy, though the specific business plan was not disclosed.
The source does not identify the private client, the national bridge lender, the purchase price, or the seller. It also does not state the properties' current occupancy, rental rates, or planned capital improvements. The financing terms are limited to those disclosed: amount, term, interest-only structure, and loan-to-value ratio. No additional sources were available to corroborate the transaction details.