Capmark Finance Originates $13.5 Million for Acquisition of Somerset Apartments
Capmark Finance Inc. originated $13,500,000 in fixed-rate debt through its Freddie Mac CME program for the acquisition of Somerset Apartments, a multifamily property in Avon Lake, Ohio.
Avon Lake, OH (Vocus/PRWEB ) November 25, 2008 -- Capmark Finance Inc. (Capmark Finance) originated $13,500,000 in fixed-rate debt through its Freddie Mac CME program for the acquisition of Somerset Apartments, a multifamily property in Avon Lake, Ohio. The 6.02 percent fixed-rate, 77 percent LTV loan features a 10-year term with two years of interest-only payments followed by a 30-year amortization.
Located on approximately 19 acres outside of Cleveland, Ohio, Somerset Apartments is a 221-unit garden-style apartment complex constructed in 2005. The property is 98 percent occupied at an average monthly rent of $851 per unit.
Vice President Stewart Campbell of Capmark's New York City office originated the transaction for borrower Dimitrios Kaloidis. Campbell, with 15 years experience in originating Freddie Mac loans, utilized the Freddie Mac CME product to deliver maximum proceeds at a very competitive spread. The loan closed within 60 days of application.
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 $373 billion as of June 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 $10 billion in investments under management as of June 30, 2008.
For more information about Capmark, visit www.capmark.com.
Capmark Finance Licenses: CA: CA Dept of Corporations Finance Lender 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.
©2008 Capmark Financial Group Inc. All rights reserved.
Media Contact:
Joyce Patterson
215-328-3842
Joyce.Patterson@capmark.com
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