The sponsors needed to pay off a loan that was maturing on another property and decided to place additional financing on Lamplighter. The loan was structured to match the terms of the first mortgage which Capmark originated in 2003.
Lakeside, CA (Vocus) January 14, 2009
Capmark Finance Inc. (Capmark Finance) originated $1.9 million in permanent, fixed-rate secondary debt through its Fannie Mae DUS® Supplemental Loan program for the refinance of Lamplighter Los Coches, an "all-age" manufactured home community in Lakeside, Calif. The 50 percent LTV loan features a five-and-a-half-year term at a fixed rate of 6.11 percent with a 30-year amortization.
Located on approximately 17 acres at 13450 Old Highway 8, Lamplighter Los Coches is a 120-space community built in 1973 consisting of 10 single-wide and110 multi-sectional homes. The property, within minutes of major thoroughfares, offers a clubhouse with a recreational hall, swimming pool, spa, billiards, playground and laundry facility. The property is 100 percent occupied with an average rent of $700.
Vice President and Director of MHC Division Damon B. Reed of Capmark's Birmingham, Ala., office originated the transaction for borrower Lamplighter/Los Coches Manufactured Home Community LLC.
"The loan was a second mortgage funded through the Fannie Mae DUS® Supplemental Loan program," Reed said. "The sponsors needed to pay off a loan that was maturing on another property and decided to place additional financing on Lamplighter. The loan was structured to match the terms of the first mortgage which Capmark originated in 2003."
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.
©2009 Capmark Financial Group Inc. All rights reserved.