Time Equities, Inc – Brief Article
New York-based Time Equities, Inc. has acquired a 97,935 squarefoot Class B office building located in Rancho Cordova, ten miles East of Sacramento, California. The purchase price was $8.7 million, with Bank of America providing a $7 million first mortgage. The seller is the State of California Public Employees Retirement System.
The mortgage loan, arranged by Stuart Bruck, director of Mortgage Brokerage at TEI, was structured with a 10-year fixed rate that was set at 220 basis points over the yield on 10-year U.S. Treasury Securities. The loan amount was equal to approximately 79 percent of the purchase price.
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