TOWSON, MD-Earlier this month, St. JohnProperties sold the 206,000-square-foot MarylandExecutive Park for $26.5 million. Thebuyer was a fund based in Connecticut, Greenfield PartnersLLC. Now more details about that transaction haveemerged—namely that EagleBank provided thefinancing for the acquisition, a $19.8 millionfloating rate loan that will serve as interim financing for thenext few years. The three-year term comes with two one-yearextension options.

Gideon Gil, Alexander Hernandez, andSridhar Vankayala of Cushman &Wakefield's Equity, Debt and Structured Finance teamrepresented the sponsor in the financing.

Floating rate loans are becoming more prevalent as lenders pushthese products more as interest rates become less predictable. Inthis case, EagleBank offered the sponsor a choice of both fixed andflexible financing. Gil explains why it opted for the latter.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.