The buyer received a loan in the amount of $2.4 million from a Washington, DC-based lender. The loan represented approximately 60% of the sale price. Financing for the sale was obtained at a 10-year term, 30-year amortization, at a fixed rate, which was about 250 basis points over the 10-year Treasury.
Lan Chi Stempel, vice president of Thomas D. Wood and Co., a commercial mortgage-banking firm in Miami negotiated the financing.
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