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Santander Bank has provided a $28.41 million Fannie Mae loan against the 417-unit Grand at Grenelefe apartment property near Winter Haven, Fla., roughly midway between Tampa, Fla., and Orlando, Fla. The loan has a five-year term and requires only interest ...
98.2 percent occupied. The center was purchased through a bankruptcy auction. The publicly registered, non-traded REIT funded the acquisition with a $6.75 million mortgage from Wells Fargo Bank and $3.35 million from the company's ongoing public offering.
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