"With the assumption of the loan, it was a strong offer," saysDavid Guido, senior associate in Phoenix for Marcus & MillichapReal Estate Investment Services. He tells GlobeSt.com that thebuyer, Georges Ghaby, assumed a $5-million loan with seven years togo and a fixed-rate interest of 5.4%. Well Fargo Bank holds thenote for Western Skies Village at 1534 E. Ray Rd.
David Goldberg of Phoenix had been looking for a buyer nearlysix months when he gave the listing to Guido and his partner,associate Joseph Compagno. As the loan assumption process advanced,the capital markets and credit crunch came into play. "Theassumption of the loan allowed the investor to know what he wasgetting into with the loan," Guido points out.
Guido says the buyer pocketed triple net leases, all with longterms. The roster includes Curves, Barros Pizza, Jan's AsianCuisine and a dentist.
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