To close the deal, the Miami office of Thomas D. Wood and Co. brokered a $9.6-million, three-year bridge loan for the buyer through Prudential Real Estate Fixed Income Fund. Wood's executive vice president Marshall Smith handled the loan which carries a floating rate of interest of 3.20% above the 30-day Libor rate index.
In an unrelated transaction, Smith arranged a $1.67-million, permanent loan for the 108-home Windhorst Mobile Home Park at a fixed rate of 5.55% through Chicago-based LaSalle Bank. The 10-year loan is being amortized over 30 years. The proceeds will be used to pay down debt.
In Tampa, Wood's vice president Rod Anderson arranged $1.9-million financing for the 36-year-old, 14,143-sf 3410 Henderson Building with Woodmen of the World Life Insurance Society of Omaha. The 15-year amortized permanent fixed-rate loan has a final interest rate of 5.6% which was "locked at the time of application," Anderson tells GlobeSt.com. The building was completed remodeled in 2002. Key tenants include Safeguard, Dental Power and Talon Group. Loan proceeds will be used for general corporate purposes.
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