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DENVER-The local office of NorthMarq Capital has arranged permanent financing for $11.57 million for a Government Services Administration office building with about 114,000-sf in Helena, MT. Steve Bye, executive vice present and senior managing director of NorthMarq’s Denver office, arranged the funding for the borrower, a long-term client, for whom NorthMarq has arranged several similar financing transactions.

The financing was very unusual, Bye says, in that the loan amount was approximately 100% of value and was substantially more than the development costs.

The term of the loan was 20 years, which matches the GSA lease term. However, the amortization is 24.5 years. The interest rate was fixed for the term and was locked six months prior to funding at a monthly constant rate of 6.90%.

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