Constructed in 1996, the single-tenant building is situated on3.03 acres and stands alone as part of a larger shopping center.The fixed-rate loan, provided by a US-based lender, has a 10-yearterm. "The new permanent, fixed-rate loan was used to pay off thematuring original loan placed on the property shortly after it wasconstructed in 1996," says Jason Shapiro, managing director oflocally based Aztec Group. Shapiro represented the borrower.
Shapiro adds that the transaction was challenging because itclosed during the turmoil in the national credit markets. "Rapidlychanging credit market conditions and tightening liquidity in theCMBS markets caused a great deal of stress throughout the loanclosing process," Shapiro says.
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