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%.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
