Abod, along with colleague Bob Donhauser arranged $16.6 millionin financing for Crow to acquire the property. It secured a 10-yearsecuritized, fixed rate loan through conduit lender Bank ofAmerica. Abod declined to mention the rate or the leverage of theloan but he did tell GlobeSt.com that it is interest-only for theentire term. What was notable about the deal, he adds, is that allof the participants were able to turn it around within 30 days.
Located at 6981 Hechinger Dr. close to Interstate 495, BacklickPlaza was built in 1970 and renovated in 2006.
Crow Holdings is now investing its fourth private equity fund,Crow Holdings Realty Partners IV LP, which is capitalized with $850million, including a $150 million commitment by the sponsor.
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