The loan was a second mortgage funded through the Fannie Mae DUS supplemental loan program
Soquel, CA (Vocus) January 14, 2009
Capmark Finance Inc. (Capmark Finance) originated $2,189,000 in permanent, supplemental, fixed-rate debt through its Fannie Mae DUS™ program for the refinance of Rodeo MHC, a manufactured home community in Soquel, Calif. The 55 percent LTV loan features a term of seven-and-a-half years and a 30-year amortization. The interest rate is fixed at 6.3 percent.
Located on 22 acres at 1000 North Rodeo Gulch Road, Rodeo MHC is a four-star manufactured home community. The property consists of 204 sites, all of which can accommodate multi-sectional homes. The spaces have complete utility hook-ups and concrete drives. All utilities are located underground and each space is separately metered for gas, electricity and water. The community's interior streets are paved and mature landscaping in both common areas and individual home sites enhances the park. Amenities include a clubhouse, swimming pool and shuffleboard courts. The property is 100 percent occupied.
Vice President and Director of MHC Division Damon B. Reed of Capmark's Birmingham, Ala., office originated the transaction for borrower Rodeo Mobile Estates LLC., repeat customers of Capmark. The loan closed within 40 days of application.
"The loan was a second mortgage funded through the Fannie Mae DUS supplemental loan program," Reed said. "The supplemental loan was structured to match the terms of the first mortgage which Capmark originated in 2006."
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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