Bear, Stearns Commercial Mortgage, Inc. (BSCMI).Bear, Stearns Commercial Mortgage, Inc. (BSCMI), the commercial mortgage subsidiary of Bear Steams & Co., funded a three-year, $31.5 million floating rate interim loan on the Times Square Marriott Courtyard Hotel. The hotel has been opened for just over one year and is located on West 40th Street near Bryant Park Bryant Park is a 9.603 acre (39,000 m²) public park located in the New York City borough of Manhattan. It is bounded by Fifth Avenue, Sixth Avenue, 40th Street and 42nd Street in Midtown Manhattan.[1] The central building of the New York Public Library is in the park. in Midtown Manhattan. The loan was made under BSCMI is new floating rate, interim program that is designed to hold loans in portfolio prior to converting to a fixed-rate financing. BSCMI is aggressively promoting its floating rate products. The interim program is meant for borrowers who wish to have flexible, short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. in order to take advantage of changes in market conditions, anticipated lower LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). interest rates and increased improvement in cash flow prior to permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. . |
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