LARGO, MD-Inglewood Business Park's leasing program has gotten a boost with the closing of the $43.3-million refinancing of the 536,200-sf office/flex property. Refinancing the property also allowed the borrower, MTM Builder/Developer Inc., to take advantage of lower interest rates.
GMAC Commercial Mortgage Corp.'s Richard Bopp, Fabrice Vasques and Ryan Pinson orchestrated the transaction, securing the funds from Countrywide Commercial Real Estate. Located off the Capital Beltway, Inglewood Business Park features to two class A office structures accounting for 217,700 sf, and five class B flex structures with 318,500 sf. Prince George's County and wireless services provider InPhonic are among the businesses that call the property home.
"GMACCM worked diligently on this repeat borrower's behalf to structure a fixed-rate loan with an earnout facility that enabled the borrower to both lock-in today's rates and benefit from future funds as it continues to increase occupancy and rent levels," Vasques says. The initial two-years of interest-only payments provided the client additional cash flow during the lease-up period."
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