Horsham, PA-based GMAC Commercial Mortgage Corp.'s Houston office has arranged the fixed-rate financing through GE Capital Business Asset Funding. GMAC's retail production team of Allan Dannatt, senior vice president, and Stef Gorel, vice president, structured the financing for SBC Richardson LP.
The financing package carries a 7.8% interest on a 25-year amortization. "We were able to get financing on an amortization that went way out past the lease, which is unusual for a single-tenant building," Gorel tells GlobeSt.com. SBC Communications, headquartered in San Antonio, holds a 10-year lease for the property, which includes roughly two acres, at 2703 N. Central Expressway.
The Fortune 500 telecommunications company has investments in 28 countries. Its second-quarter report pegged net income at $2.1 billion in comparison with $1.9 billion for Q2 2000. SBC's subsidiaries include Southwestern Bell, Ameritech, Pacific Bell, Nevada Bell, SNET and Sterling Commerce.
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