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United States : CBRE Capital Markets arranges finance for office/warehouse building in MINNESOTA.

CBRE Capital Markets has announced the arrangement of $3.65 million of permanent financing for the 6301 Bandel Road building in Rochester, Minn.

Murray Kornberg, Doug Seylar and Ben Bastian with CBRE depicted Rochester Properties, LLC in placing the permanent financing for the recapitalization of the office/warehouse building.

Through MC-Five Mile Commercial Mortgage Finance LLC, the CMBS financing was settled. The new 10-year loan was utilized to retire the current more costly bridge financing and included two years of interest-only payments, a fixed interest-rate in the mid-4-percent range and a return of equity.

A portion of the proceeds are being used for upgradesto the parking lot and landscaping.

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Publication:Mena Report
Date:Sep 18, 2014
Words:121
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