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Hohokam Office Building/Tempe, AZ
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Date: October 19th, 2009
Keystone Commercial Capital has successfully closed a $5,300,000 loan secured by the Hohokam Court multi-tenant office building located in Tempe, Arizona. Acting on behalf of the property’s owners, Keystone secured the loan through one of its correspondent life insurance company lenders.
The non-recourse, 10-year fixed rate loan was used to refinance the property’s existing debt and take advantage of lower rates. The garden style multi-tenant office building is 69,550 square feet and sits on a 6.83 acre parcel. The 20 year old building is currently 92.3% occupied.
Keystone’s Jon Krieger and Jim Cooper worked together to complete the transaction. Jon, a real estate finance veteran of 34 years, stated, “Through my experiences in the industry, I have seen many ups and downs, but today’s market has been as bare as I can ever recall. We are happy to report however, that we are now seeing capital come back into the lending market. This new capital is creating more options for borrowers at lower interest rates.” Jim, an industry veteran of 18 years, added, “It was a pleasure working with a first rate borrower. Our job was made easier with Hohokam Court being such a strong property, as evident by its occupancy rate. The occupancy average in that particular area of Tempe has a typical rate of near 80%, but Hohokam had a rate of over 90%,” Jim went on to say.
Keystone Commercial Capital has offices in both Phoenix, Arizona and Boston, Massachusetts.
For additional information on this transaction, please contact:
Jon Krieger
Partner / Mortgage Banker
Keystone Commercial Capital
2525 East Camelback Road, Suite 570
Phoenix, AZ 85016
602.997.3805 Direct
602.997.3820 Fax
jkrieger@kccmail.com
www.keystonecommercialcapital.com
AZMBL No. CBK-0909218
Jim Cooper
Partner / Mortgage Banker
Keystone Commercial Capital
2525 East Camelback Road, Suite 570
Phoenix, AZ 85016