The mortgage banking concern arranged a $15.5 million permanent construction loan through a domestic pension fund for NACO's new 125,000-sf build-to-suit facility in Lanham, MD. The loan, which goes to an undisclosed borrower and covers 120% of the construction cost, is for a 10-year term and carries a 6% interest rate. NACO could have leased an existing facility in the area, where industrial space goes for $5.00 per-sf, according to Advantis Real Estate Services' Year-End 2003 Flex-Industrial Report. The Lanham submarket currently has a vacancy rate of 26.4%.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Capital Markets
Office
Washington, DC