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Office Complex in Lionville Center Refinances $19.5M Loan

CHESTER, PA-The fixed-rate permanent financing carries an interest rate

By Marita Thomas | Updated on April 17, 2003

CHESTER, PA-Locally based Lion Associates LP obtained $19.5 million inrefinancing for a two-building, 262,000-sf office property in LionvilleCorporate Center here. The Philadelphia office of Horsham, PA-based GMACCommercial Mortgage Corp. arranged the financing, and the correspondentlender is Baltimore-based Aegon USA.

Terms of the new and previous debt are undisclosed, but Kelley DeSantis, SVPof marketing in GMAC’s Philadelphia office, tells GlobeSt.com the new loan’sfixed interest rate is below 5%. Ed Riedlinger, SVP and managing director ofthe office, says it is “especially gratifying” to trade the owner’suncertainty of a floating rate loan to current low fixed rates, since theGMAC office worked with Lion 15 years ago on acquisition financing.

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