Regions Bank of Birmingham, AL funded the 100%-leased acquisition for $5.14 million at a 3.91% variable interest rate over three years with two one-year options. The loan-to-value ratio was 80%. The loan was amortized over 25 years.
The Atlanta office of Marcus & Millichap Capital Corp. arranged the loan but wouldn't disclose the borrower's identity. The buyer is an Atlanta-based, privately owned commercial real estate firm, says M&M's prepared statement.
M&M also didn't disclose the purchase price.
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