Real Estate/Development
Oct. 2, 1999
Doing the deals
??????????????? Johnson Capital placed and $8.5 million, five-year acquisition loan at 7.4 percent for the fully leased Chesapeake Park Plaza in San Diego. The loan on a 12-year-old, 92,865-square-foot building was amortized over 25 years and priced at Treasuries plus 50 basis points. The borrower was Menlo Equities, which recently began acquiring California properties. "We accommodated the borrower's need for a yield up front by taking a lower loan amount so we'd end up at the same place for
??????????????? Johnson Capital placed and $8.5 million, five-year acquisition loan at 7.4 percent for the fully leased Chesapeake Park Plaza in San Diego. The loan on a 12-year-old, 92,865-square-foot building was amortized over 25 years and priced at Treasuries plus 50 basis points. The borrower was Menlo Equities, which recently began acquiring California properties. "We accommodated the borrower's need for a yield up front by taking a lower loan amount so we'd end up at the same place for...
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