$58m loan closed.Gramercy gra·mer·cy interj. Archaic Used to express surprise or gratitude. [Middle English gramerci, from Old French grand merci : grand, great; see grand + Capital Corp. has invested in a $58.6 million loan secured by a first mortgage on a portfolio of three office buildings in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. . The properties comprise approximately 454,000 r/s/f. The investment matures in 24 months, with three one-year extension options, and bears interest at a rate that floats above LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . The company's investment is secured by a cross-collateralized and cross-defaulted lien on the three properties. The portfolio was recently acquired by a joint venture between Page Mill Properties, L.P. and a large institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . The initial amount funded under the loan commitment was approximately $27.4 million and was used to fund a portion of the purchase price of the properties. The unfunded commitment amount of $31.2 million will be used primarily to fund capital costs necessary to lease the buildings. |
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