Capmark Originates $24.7 Million for Refinance of Two Florida Senior Housing Properties
Capmark Finance Inc. (Capmark Finance) originated a total of $24,700,000 in debt for the refinance of two Florida seniors housing properties owned by subsidiaries of Hallmark Housing LLC.
Chicago, IL (Vocus/PRWEB ) January 14, 2009 -- Capmark Finance Inc. (Capmark Finance) originated a total of $24,700,000 in debt for the refinance of two Florida seniors housing properties owned by subsidiaries of Hallmark Housing LLC. The floating-rate loans refinanced Heritage Oaks ($17,000,000) and Allegro at East Lake ($7,700,000). The loans have a seven-year term and 30-year amortization.
Heritage Oaks is a 120-unit independent and assisted living community located in Tallahassee, Fla., and the Allegro at East Lake, located in Tarpon Springs, Fla., is a 92-unit independent and assisted living community.
The loans, eligible for sale to Freddie Mac, carry variable interest rates priced over Freddie Mac's One-Month Reference Bill Rate.
Senior Vice President Bill Kauffman of Capmark's Chicago Seniors Housing and Healthcare Group originated the loans for limited liability companies sponsored by Hallmark Holdings. The communities are managed by Love Management Company, another Hallmark Holdings subsidiary.
"Hallmark Holdings was able to tap Freddie Mac's Capped ARM product to refinance the existing Heritage Oaks debt, pulling out substantial equity while lining up an attractive permanent loan for Allegro at East Lake," Kauffman said.
Hallmark Holdings Chief Financial Officer Robert Karn was satisfied with Capmark.
"I was a pleasure working with Bill Kauffman and the Capmark team," Karn said. "They responded to our request for a quick and efficient closing process and provided exceptional client service and guidance. I look forward to working with Capmark on future projects."
About Capmark®:
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 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.
©2009 Capmark Financial Group Inc. All rights reserved.
###
Post Comment:
Trackback URL: http://www.prweb.com/pingpr.php/WmV0YS1aZXRhLVNxdWEtTWFnbi1TdW1tLVNpbmctWmVybw==
Bookmark -
Del.icio.us |
Furl It |
Technorati |
Ask |
MyWeb |
Propeller |
Live Bookmarks |
Newsvine |
TailRank |
Reddit |
Slashdot |
Digg |
Stumbleupon |
Google Bookmarks |
Sphere |
Blink It |
Spurl
|
