The BSC Group recently announced the closing of a $6.24-million CMBS loan that was used to refinance the existing debt and reduce the cost of capital significantly over the existing loan. The borrower was able to capitalize on the low interest rate environment by locking into a 10-year, fixed-rate loan at 3.35 percent. The loan was underwritten at approximately 45 percent of the purchase price and included interest-only payments for the entire term. The loan reduced the interest cost for the next 10 years, significantly enhancing the property’s cashflow.
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