"The biggest hurdle we faced was timing," says Gale &Wentworth's Chris Sameth. "We contacted GE Capital just two weeksbefore we needed to close the loan."
One immediate challenge for the new owner is to stabilize theproperty, given that sole tenant CIT is vacating the premises nextyear. The deal has been structured to take that into account,providing the proceeds of the loan as new leases are signed. Atpresstime, the new owners were said to be negotiating with twomajor tenants.
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