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Interest rate dip benefits borrower.

Michael Sherman, director, and Efrat Sharon, analyst of CBRE | Melody's New York office have arranged $7:1 million in refinancing for One Penn Center on behalf of One Penn Associates, LP.

The 10-year (six years interest only) loan was funded by Lehman Brothers.

"The financing of One Penn Center afforded us the opportunity to take advantage of the dip in interest rates which enabled the borrower to refinance at a most attractive rate" said Sherman.

"We were most fortunate to have a lender who understood the need for a timely, rapid process which resulted in a quick turnaround from start to finish without which the transaction could never have been accomplished."

One Penn Center is a highly visible 20-story office building situated on a 0.982-acre site in the central business district of Philadelphia, Penn. Constructed of gray limestone, black marble, and decorated with ornate gold-plated fixtures, One Penn Center is considered one of the richest examples of Art Deco style architecture in the world. Currently 95% occupied, One Penn Center is strategically located in the heart of Center City Philadelphia.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Oct 11, 2006
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