Birmingham, AL (Vocus) January 15, 2009
Capmark Finance Inc. (Capmark Finance) originated $13,375,000 in fixed-rate financing for the acquisition and rehabilitation of Madison at Shoal Run Apartments, a multifamily property in the Hoover area of Birmingham, Ala.
Proceeds from the loan were used to acquire the property from New York-based DRA Advisors and provide for interior and exterior upgrades. The loan was originated by Capmark through its Freddie Mac Acquisition Upgrade and Acquisition Rehabilitation MortgagesSM program.
The 75 percent loan-to-cost (purchase price plus rehab budget) loan features a seven-year term with two years of interest-only payments, followed by a 30-year amortization. The rate is fixed at 6.12 percent for the term of the loan.
Constructed in 1984, Madison at Shoal Run is located on approximately 25 acres at 850 Shoal Run Trail, Birmingham, Shelby County, Ala. The garden-style multifamily property is comprised of 18 two- and three-story buildings featuring 276 one- and two-bedroom units. Amenities include a swimming pool, two lighted tennis courts, basketball court, three playgrounds, fitness center and a laundry facility. The property is currently 96 percent occupied.
Senior Vice President Chad Thomas Hagwood of Capmark's Birmingham, Ala., office originated the transaction. The borrower was an affiliate of Birmingham-based Engel Realty Inc.
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 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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