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OKLAHOMA CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $48.4 million loan for the refinancing of Britton Commerce Center, a 560,000-square-foot industrial property in Oklahoma City. The five-building complex was fully leased at the time of the loan closing. Sunny Sajnani and Travis Headapohl of IPA arranged the debt through an undisclosed credit union on behalf of the borrower, locally based development and investment firm Gardner Tanenbaum. The loan was structured with a five-year term, a fixed interest rate of 5.76 percent, 30-year amortization schedule and 24 months of interest-only payments.