The mortgage banking concern arranged a $15.5 million permanent construction loan through a domestic pension fund for NACO's new 125,000-sf build-to-suit facility in Lanham, MD. The loan, which goes to an undisclosed borrower and covers 120% of the construction cost, is for a 10-year term and carries a 6% interest rate. NACO could have leased an existing facility in the area, where industrial space goes for $5.00 per-sf, according to Advantis Real Estate Services' Year-End 2003 Flex-Industrial Report. The Lanham submarket currently has a vacancy rate of 26.4%.
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