According to Ronald Comito, president of Comito Associates, "we were looking for an investment opportunity at the same time that Medico was seeking an investor to acquire the building so that it could focus its capital on business development."
The acquisition was financed through a package from the New Jersey Economic Development Authority and Fleet Bank. The EDA provided a $279,000 participation in a Fleet loan of just over $840,000 through the EDA's Statewide Loan Pool for Business program, which combines EDA and bank lending. The EDA portion of the loan was made at an initial interest rate of 3%, which will be adjusted quarterly.
"The interest rate is so attractive that it may allow us to do another transaction that will produce jobs," Comito says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
