October 26, 2020
Prime Rate
3.25%
0.16%
0.82%
0.85%
Photo of Wheeler Block Building
Property Type
Office
Transaction Details

$7,800,000 Permanent
Bank

Transaction Name
Wheeler Block Building 2020
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Transaction Details

Client was seeking permanent financing, with a 7-year term, attractive pricing, and prepayment flexibility.

The Proposition

Essex was able to successfully arrange a 7-year fixed rate non-recourse loan with a local credit union. The loan structure includes 2-years of interest-only payments and no prepayment penalty.

Our Solution

The loan was committed and rate locked during the COVID 19 pandemic. The loan was sourced and closed in less than four (4) weeks at an attractive interest rate and structure.