The company purchased the new site to consolidate its operations into one locations, officials say. On-Site is leasing several different properties with its corporate headquarters now at 1111 North 19th St. in Arlington.
First Union National Bank is financing the purchase. On-Site borrowed $5.8 million with the property as security. The loan is to be re-paid over a seven-year period, with a 15-year amortization, at an interest rate of LIBOR plus 2.5 points, and may be pre-paid without penalty. On-Site will soon be acquired by US Technologies. Terms are on file with the SEC.
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