The funding was provided by a NorthMarq correspondent at a 4.82% interest rate on a 15-year self-amortizing basis, according to Klebanoff. The property is owned by a local group, which was not identified.
"Good projects with solid ownership and management are the beneficiaries of the current competitive commercial mortgage lending environment," according to Klebanoff. "This transaction is an example of how, through lender relationships, good projects can be matched with competitive lenders."
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