The loan is for a 10-year term, and the first five years are for interest only. Marshall Smith, EVP in the Miami office of locally based Thomas D. Wood and Co., arranged the financing at an undisclosed rate of interest. The lender is John Hancock, which has a correspondent relationship with Wood.
Wood's servicing portfolio now approaches $1 billion, according to Smith. The firm has correspondent relationships with 12 life insurance companies and with Wall Street lenders. The portfolio consists of long-term mortgages on assets that encompass the full spectrum of commercial real estate properties throughout Florida.
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