To read more on the debt and equity markets, click here.)
The lease rates are undisclosed, but a GMAC spokesman says they"compared with market rates in their area." Two of the units are inSouth Carolina and 18 are in North Carolina. While they vary insize, they average about 10,000 sf, he says. The oldest was builtno more than eight years ago, with the majority developed by Kerr.This transaction includes all current Kerr Drug units.
GMAC Commercial Mortgage arranged approximately 75%loan-to-value first-mortgage financing to Capital Corp. for thetransaction through GMACCM's proprietary lending group. GMACCM VPJere Lucey of the New York City loan origination group arranged thetransaction. He confirms to GlobeSt.com that the funding was justover $39 million, but did not disclose the rate or term.
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