X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Two Morrisville, NC properties have received $15 million in financing fromGMAC Commercial Mortgage of Horsham, PA. Morrisville is just inside theResearch Triangle between Chapel Hill and Raleigh.

Morrisville Associates received $9.2 million fixed-rate permanent financingwith a 25-year amortization for the Crabtree Crossing Townhomes. The complexcontains 208 units and a total of 230,373 sf situated on 21.46 acres. PPMFinance Inc. served as the correspondent in this transaction.

In the second transaction, Airport F.I. received $5.8 million fixed-rate financing with a 25-year amortization for the Fairfield Inn. The five-story hotel contains112 units and is located on a 2.17-acre lot. Built in 1998, the hotel has anaverage occupancy rate of 72%. GMACCM’s Washington, D.C. HospitalityDivision arranged the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.