L.J. Melody had used two transactions to secure the financing. A $1.98-million loan has been finalized for the 14,873-sf retail building and amortized over 30 years at a 8.26% interest rate. In addition, $3.4 million has been secured for a 24,454-sf. office building for 30 years at 8.4% interest. The project had been 80% occupied at the time of the funding.
L.J. Melody has provided the funding through its CB Richard Ellis Investors' Commercial Mortgage Fund V. Cimarron Investment Properties Co., a regional development and management firm, is developing the project.
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