The sale closed with the help of a nearly $9-million permanentloan obtained from GE Real Estate by ABM Edison. The 10-yearmortgage was structured on a 30-year amortization schedule at aninterest rate of 5.73%.

"We completed this acquisition financing at 80% of cost," saysDonna Falzarano, vice president of CB Richard Ellis Debt &Equity Finance, who teamed with senior director James Gunning toarrange the financing. "ABM Edison was able to buy the asset at an8% cap rate and secured its long-term financing at a rate that wassubstantially below market at the time of closing. Despite marketvolatility, the lender held the low spread for several days beyondthe 60-day rate lock."

The two-story Executive Ten was fully leased at the time ofclosing. Besides the Ukrainian National Association, its tenantroster includes Coldwell Banker Realtors, Dialysis Associates, theNew Jersey Department of Health, Complete Pediatrics, Omni EyeServices, and the US General Services Administration, amongothers.