Constructed in 1996, the single-tenant building is situated on 3.03 acres and stands alone as part of a larger shopping center. The fixed-rate loan, provided by a US-based lender, has a 10-year term. "The new permanent, fixed-rate loan was used to pay off the maturing original loan placed on the property shortly after it was constructed in 1996," says Jason Shapiro, managing director of locally based Aztec Group. Shapiro represented the borrower.
Shapiro adds that the transaction was challenging because it closed during the turmoil in the national credit markets. "Rapidly changing credit market conditions and tightening liquidity in the CMBS markets caused a great deal of stress throughout the loan closing process," Shapiro says.
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