Affiliates of Dallas-based Cardinal Capital sold the building to Springville LLC, which is registered in Utah under a Boynton, FL address. The people behind the LLC are based in Duluth, GA, according to the brokerage firm. The buyer assumed an $11-million loan with a 10-year term, a 30-year amortization and a 5.93% interest rate.
Brad Pepin of Team Hughes with Stan Johnson Co. represented the seller. Tom Mullen & Associates represented the buyer.
"The buyer was able to assume better-than-market non-recourse financing that generated double-digit returns," Pepin says, "while the seller was able to monetize the asset as part of their portfolio management strategy."
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