MountainSeed Real Estate Services entered into a sale-leaseback transaction with 1st Federal Savings Bank of SC in Walterboro.
The $164 million-asset 1st Federal sold properties that included its headquarters to MountainSeed for an undisclosed amount. The bank will lease the properties for an initial 15-year term with an option for another 15 years.
“We are excited and thankful for the opportunity to partner with 1st Federal Savings Bank of SC,” Patrick Roberts, MountainSeed’s chief revenue officer, said in a press release. “Their executive team is forward-thinking, great to work with, and they understand the benefits that are awarded to banks of all sizes who choose to unlock the value held in their previously owned buildings.”