The term of the loan is seven years with a 5.84% interest rate, Russ says. The loan-to-value for the financing was 65%, he says.

Interpark Corporate Center consists of 12 buildings with a total of 164,447 sf. JCF is refinancing to "take advantage of lower interest rates in the environment right now," Russ says. "The rate of their previous loan was much higher than what we were able to refinance for."

The company acquired the property in 2001, Russ says. The owner recently resurfaced one of the parking lots and plans to resurface the other major parking lot this year, he says. The center is 95% occupied to 36 tenants, including Brickton Montessori School, Biosafe Laboratories Inc. and Conestoga Rovers & Associates. The asking lease rate for the center is $19.50 per sf gross, Russ tells GlobeSt.com. "The single-story office market, in times of recession, is typically more resilient," Russ says. "And, in the least 17 years, this has not had an occupancy rate lower than 90%."