As part of its purchase, Hersha, a Philadelphia REIT, has assumed a $40.6 million CMBS loan against the property. The loan matures in 2025 and requires only interest payments through 2020. After that, it amortizes on a 35-year schedule. The ...
fully leased. The property's purchase was funded in part with a $12.2 million loan that has a seven-year term and was provided by RGA Reinsurance Co. of Chesterfield, Mo.
The properties are: 1299 and 1277 Orleans Dr., 1260 and 1240 Crossman Ave., 549, 641 and 611 Baltic Way and 633 Caribbean Dr.
46 percent occupied. The property, which was constructed in 1999, had served as collateral for a $27.5 million loan that was securitized through Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR13. That loan has been paid off. The debt was unusual ...
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