"Our proprietary lending group structured the transaction to enable the partners to continue to reposition the assets and give them time to sell at the height of their value," says GMACCM senior vice president Robert M. Keating, whose office originated the transaction. "The loan includes an earn-out provision that provides for additional funding to the borrower if they meet leasing and net income requirements."
The refinancing covers 11 properties in New Jersey, Florida, Georgia, Illinois, North Carolina and Texas, according to Keating.
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