Graystone Group Ltd., a Toronto-based real estate investment group, is the borrower. The fully leased Manzanita Plaza is located at 3020 W. Valencia Rd. in Tucson. The property includes tenants such as Safeway, Osco Drugs and the Arizona Department of Economic Security. Manzanita Plaza was built in 1982 and provides an ongoing repair and maintenance program.
The Bethesda, MD office of AMI Capital Inc., with investment director Mary Dee Clancy, closed the $6-million loan. The commercial loan carries a 7.46% interest rate for a 10-year term. The loan-to-value was 73% and debt service coverage, 1.28%.
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