Ocean Springs, Miss. (Vocus) January 6, 2009
Capmark Finance Inc. (Capmark Finance) originated $3,900,000 in fixed-rate financing through its Freddie Mac program for the acquisition of Dominion Apartments, a recently constructed multifamily property in Ocean Springs, Miss. The 80 percent LTV loan features a seven-year term with a 30-year amortization. The rate is fixed for six years at 5.97 percent with no prepayment penalty during the last 12 months of the term.
Construction of the Dominion Apartments was completed mid 2008. Located on approximately three acres at 310 Holcomb Boulevard, the garden-style multifamily property is comprised of five two- and three-story buildings featuring 56 one- and two-bedroom units. Amenities include a swimming pool and a garden/picnic area.
Senior Vice President Chad Thomas Hagwood of Capmark's Birmingham, Ala., office originated the transaction. The borrower was an affiliate of Mississippi-based Dawn Properties 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 (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.
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