Terms of the loan are undisclosed. Higgins says, "this long-term, self-liquidating loan will refinance and existing loan. We were able to negotiate a discounted prepayment penalty as part of the lender's refinance," he adds.
The property consists of one 6,746-sf office building and another with an aggregate of 28,325 sf. Both are currently 100% leased by 17 tenants including Magic Years Day Care and Chester County Medical.
GMACCM, a wholly-owned subsidiary of Horsham, PA-based GMAC Commercial Holding Corp. and its affiliates has more than 100 offices worldwide. Its servicing portfolio is in excess of $243 billion.
© 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.
