CBRE Capital Markets has arranged $3.65 million of permanent financing for the 6301 Bandel Road building in Rochester, Minn.
Murray Kornberg, Doug Seylar and Ben Bastian with CBRE represented Rochester Properties, LLC in placig the permanent financing for the recapitalization of the office/warehouse building. The CMBS financing was arranged through MC-Five Mile Commercial Mortgage Finance LLC.
The new 10-year loan was used to retire the existing more costly bridge financing and included two years of interest-only payments, a fixed interest-rate in the mid-4-percent range and a return of equity. A portion of the proceeds are being used for upgradesto the parking lot and landscaping.
