According to Jay Marshall, senior managing director of Holliday Fenoglio Fowler in that firm's New York City office, who arranged the deal, the three-year, 5.5% fixed-rate acquisition loan was placed through Hartford Investment Management Co. "The structure of the loan is consistent with a strategy we have maintained over the past several years," Marshall says. "We have been advising our borrowers to pursue short-term, fixed-rate acquisition financing with our life companies instead of the traditional LIBOR-based bank or securitized loans. The life companies have been willing to provide minimal pre-payment penalties, which have been more than offset by the interest rate savings provided by the fixed-rate transaction."
Located on 50 acres at 200-700 Lanidex Plaza East near the intersection of I-80 and I-287, the half-dozen two- and three-story buildings are currently just over 90% leased. Tenants include the headquarters of Kings Supermarkets Inc., along with i2 Technologies, Vercuity, Moore North America, Lanier Worldwide, Cisco Systems and Cornell-Mayo.
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