DOWNINGTOWN, PA-Caln East Commercial, the Pennsylvania general partnership that owns the two-building Downingtown Professional Center at 797 Lincoln Hwy., obtains $1.6 million in fixed-rate refinancing. The loan, arranged by Warren Higgins, SVP in the Philadelphia office of GMAC Commercial Mortgage Corp., is from Sun Life of Canada.

Terms of the loan are undisclosed. Higgins says, “this long-term, self-liquidating loan will refinance and existing loan. We were able to negotiate a discounted prepayment penalty as part of the lender’s refinance,” he adds.

The property consists of one 6,746-sf office building and another with an aggregate of 28,325 sf. Both are currently 100% leased by 17 tenants including Magic Years Day Care and Chester County Medical.

GMACCM, a wholly-owned subsidiary of Horsham, PA-based GMAC Commercial Holding Corp. and its affiliates has more than 100 offices worldwide. Its servicing portfolio is in excess of $243 billion.

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