Michael Lemon with District Capital arranged debt financing for the acquisition of a retail strip center in Madison Heights, Michigan.
The rate was locked in on March 1 at 3.75% when the five-year treasury was 1.56%. The deal closed on May 15 at the locked rate of 3.75% even though the five-year treasury had since increased to 2.91% during that time.
The 25-year loan, with five years fixed, came in at $2.2 million.
