Birmingham, AL (Vocus) December 23, 2008
Capmark Finance Inc. (Capmark Finance) arranged $6,750,000 in fixed-rate, permanent financing for the owners of three "all-age" manufactured home communities in Colorado and Indiana. The 75-percent LTV loans each feature a 7.125 percent fixed rate and a 10-year term with a 30-year amortization.
North College Mobile Home Community, refinanced for $3,800,000, is located on approximately 32.59 acres at 1601 North College Avenue in Fort Collins, Larimer County, Colorado. The 320-space community was built in 1962 and consists of 277 single-wide homes and 43 multi-sectional homes. It is conveniently located within minutes of major thoroughfares and main arteries of transportation. The property also offers a clubhouse, exercise room, playground, laundry facility and RV storage area.
Valley Village Mobile Home Community, refinanced for $1,500,000, is located on approximately 21.65 acres at 731 Grand Avenue, Platteville, Weld County, Colorado. The 153-space community was built in 1970 and consists of 115 single-wide homes and 38 multi-sectional homes. It is conveniently located within minutes of major thoroughfares and main arteries of transportation. The property also offers a picnic area, playground, basketball court and RV storage area.
Royal Oaks Mobile Home Community, refinanced for $1,450,000, is located on approximately 36.09 acres at 4801 East County Road 67, Chesterfield, Madison County, Indiana. The community was built in 1970 and, with additions in 1985 and 1995, consists of 250 multi-sectional homes. In 1990 the owners added 138 self storage units. It is conveniently located within minutes of major thoroughfares and main arteries of transportation. The property also offers an office, basketball court and playground.
Vice President and Director of Capmark's MHC Division Damon B. Reed of the Birmingham office arranged the loans through StanCorp Mortgage Investors.
Capmark is a diversified company that provides a broad range of financial services to investors in commercial real estate-related assets. Capmark has three core businesses: lending and mortgage banking, investments and funds management, and loan servicing. Capmark operates in North America, Europe and Asia.
Capmark Finance Inc., the U.S. real estate lending and mortgage banking operations of Capmark, has access to multiple capital sources and offers a full range of financing solutions and resources. Capmark Finance is a direct lender, a correspondent for insurance companies, pension funds and other capital markets conduits and one of the leading approved lenders for Fannie Mae, Freddie Mac and HUD/FHA.
With a servicing portfolio of approximately $363.2 billion as of Sept. 30, 2008 Capmark Finance is one of the industry's leading loan servicers.
Capmark Investments LP, the investments and funds management operation of Capmark, is an established manager of equity real estate and mortgage-related investments in the public and private markets with approximately $9.8 billion in investments under management as of Sept. 30, 2008.
For more information about Capmark, visit http://www.capmark.com.
Capmark Finance Licenses: CA: CA Dept of Corporations Finance Lender and Broker License (lending) and CA Dept of Real Estate, Real Estate Broker License #00398180 (brokering); MI: Capmark Finance Inc., Michigan Real Estate Broker, Phone 248-208-3460; NV: Capmark Finance Inc., 200 S. Virginia St., Suite 800-Office #804, Reno, NV, Phone 775-686-2490; NY: Capmark Finance Inc., New York Real Estate Broker.
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Joyce.Patterson @ capmark.com