The loan is secured by Southgate II, a three-story, 189,854-sf office building located at 435 South St. here. The building, which was built in 1982 and is currently 100% leased to UPS through October of 2010, is part of the three-building, 720,000-sf Southgate Corporate Office Center. Besides its existing space, Southgate has an additional 455,000 sf of development potential.
Peter H. Smith of Commercebank's New York office, originated the loan. Harry A. Seidman, a Southgate principal, advised the borrower through his company, Commercial Finance Group. The loan provides for a fixed interest rate for its seven-year term, and has a two-year floating-rate extension available.
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