The refinancing replaces a construction loan. It is unusual in that the refinancing carries a 10-year term although McData is committed to remain at 1722 Boxelder St. for only three to five years.
The loan is amortized over 25 years and calls for a 230-point spread over a 10-year Treasury note. The loan-to-value is 62%. The borrower is an affiliate of the local Mills Family LLC.
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