LJ Melody's Joe Donato, who arranged the deal along with colleagues Paul Dougherty and Maury Zanoff, tells GlobeSt.com that First Washington/CalPERS "was looking to take advantage of the historically low interest rates, and to lock up a long-term fixed-rate loan for that project."
The status of the portfolio made it possible for the loan to come with modifiable terms for prepayment, substitution and releases. "The strength of the borrower combined with lenders' desire for grocery-anchored shopping centers provided for very flexible financing terms," Donato says in a statement.
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