"This transaction fell right into the strike zone of SPG's capabilities," explains SPG managing director and Newman senior vice president Jay Rollins. "The loan proceeds were applied toward acquisition/interim financing, with the intent of replacing SPG's debt with tax-exempt bond financing and tax credit equity. This is a situation where SPG enabled a client to purchase a property while simultaneously arranging the permanent financing, rather than having to delay acquisition in order to secure permanent debt and equity."
The new owner plans a major upgrade of the half-century-old property, which will include repairs to lift code violations.
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