The property is encumbered by an $18 million mortgage that Parkway said it would refinance.
Bank of America provided $31.63 million of debt.
91 percent occupied. The property backs an $18.1 million mortgage that's securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2005-LDP4. The debt has a 5.24 percent interest rate and an August 2015 maturity.
The deal was funded with a $17 million Fannie Mae loan arranged by CBRE Multifamily Capital Inc.
Fairfield assumed a $10.6 million Fannie Mae loan and borrowed an additional $4.3 million from Fannie to facilitate the purchase.
Freddie Mac provided a $29.6 million loan for the purchase. CBRE Capital Markets Inc. arranged the debt.
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© 2023 Commercial Real Estate Direct All rights reserved..