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GRAND BLANC, MI-Abbey Park, a 150-unit senior housing community here, has been refinanced for $10 million. L.J. Melody & Co. arranged the 10-year note from Bear Stearns with a 25-year amortization schedule at a 5.42% fixed rate.

The 185,000-sf Abbey Park was built in 2000. It was 98.5% leased atthe time of financing. Abbey Park’s closing represents one of several senior housing communities L.J. Melody is currently working on across the US.

Paul House, director, and Jeff Stein, analyst, of L.J. Melody & Co.’s Houston office arranged the loan. L.J. Melody is the real estate investment banking arm of CB Richard Ellis.

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