"I think he's going to look for some other investments," Glenn Gioseffi, vice president in the Seattle-Portland region for Dallas-based BMC Capital, tells GlobeSt.com. The borrower, Hoal Li, used his three-year hold, Arkansas Court at 2515 E. Arkansas Lane, as collateral.
The loan "was very easy to place," Gioseffi says. "It was pretty straight forward." Credit Suisse First Boston won the lenders' race with a 10-year term for a 73% loan-to-value ratio. The financing, amortizing over 30 years, carries a sub-6.25% fixed-rate interest, according to Gioseffi.
The owner leases and manages a mix of mostly local tenants. The unanchored center includes a Washington Mutual bank branch and Dollar General Store.
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