California-based real estate investment trust (REIT) KBS has purchased, at a discount, a non-performing first mortgage loan for $2.8 million plus closing costs from Wells Fargo Bank, N.A., on Academy Point Atrium I, a two-story commercial office building constructed in 1981. The deal closed on September 7.
The building contains 92,099 rentable square feet and is part of a two building campus located on approximately 7.22 acres of land at 1250 Academy Park Loop in Colorado Springs, Colorado. The building has been vacant since December 2009.
The borrower under the Academy Point Atrium I First Mortgage is Peridot Properties I, LLC.
The maturity date of the Academy Point Atrium I First Mortgage is November 1, 2011 and the loan may be prepaid at anytime subject to payment of a yield maintenance amount. The Academy Point Atrium I First Mortgage bears interest at a fixed rate of 7.125% and monthly payments include interest and principal with principal calculated using an amortization of 30 years.
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