At the time of the closing of the loan, which took out earlierfinancing, the portfolio's occupancy was just shy of 83%. Thebreakdown includes four fully leased buildings, one at 68% and oneproperty vacant.
According to information released by the brokers, CBRE's NewYork City-based Capital Markets Group, the loan was financed byCapital Bank NA and structured at a floating rate over LIBOR on aninterest-only basis. The brokers were SVP Michael Sherman and VPEfrat Sharon.
"Given the nature of the credit markets today, this transactioncovering six properties required patience and a strong sense ofcooperation on the part of both borrower and lender," says Sharon,in a statement.
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