The interest rate was fixed at 5.58% for 15 years, according to Houlihan, and at the borrower's request the loan is fully amortizing. The non-recourse loan is fully assumable with a 1% transfer fee upon sale.
The source of the funding is a "large institutional lender," according to Houlihan. The lender, who was not otherwise identified, charged a flat $10,000 for all fees, including appraisal, environmental and engineering reports, legal, credit reports, due diligence and other ancillary closing costs.
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