Funding for the deal was provided by Principal Capital Management and arranged through L.J. Melody & Company, a national real estate investment banking firm. Susan Warning with L.J. Melody's Phoenix office, who arranged the loan along with Rocco Mandala, says the funding represents 73% loan-to-value, which puts the sales price at $15.2 million.
The seller of the property was not disclosed.
L.J. Melody & Company, a CB Richard Ellis company headquartered in Houston, TX, has arranged $13 billion in commercial real estate transactions nationwide in the last two years.
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