Aaron Klein with McKinley says the senior housing property loan was for 10 years, with a fixed rate and the first year as interest only, followed by a 30-year amortization schedule. The loan was for a refinance of the property, he says. "It's an existing property, built in phases in the past 10 years," Klein tells GlobeSt.com.
Klein also arranged a $1 million loan for a 10,800-sf mixed use property in Ypsilanti Township, for a 10-year loan with the first year as interest only, with a 30-year amortization schedule. The third loan was for a borrower of a 12,869-sf executive office suite property outside Atlanta, for $1.8 million. The loan has a seven-year, fixed-rate term and a 30-year amortization schedule.
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