Bridger Commercial Funding Closes $13 MM Loan to Finance Tacoma Apartment Complex.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Sept. 12, 2002 Bridger Commercial Funding announced today that it has funded a $13,000,000 permanent mortgage loan secured by the 337-unit Lakeshore Apartments in Tacoma, WA. The 10-year non-recourse loan carries a fixed rate of 6.7% with a 30-year amortization schedule, and will be securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. as part of a future CMBS CMBS See: Commercial Mortgage Backed Securities (Commercial Mortgage-Backed Securities) transaction. The loan was underwritten to a 1.31 DSCR DSCR See: Debt-service coverage ratio and a 75% LTV LTV See: Loan-to-value ratio . Headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Bridger helps banks throughout the country originate CMBS loans. Bridger also maintains production offices in Atlanta, Chicago, Dallas, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , and Washington D.C. Bridger Commercial Funding is the leading commercial real estate capital markets resource serving the U.S. banking industry, with over 900 bank relationships nationwide. Bridger's innovative products and technology applications help banks maximize their risk-adjusted returns by accessing the secondary mortgage market. Bridger's commercial mortgage-backed securities (CMBS) loan origination program enables banks to boost financial performance by generating substantial fee income while retaining and enhancing borrower relationships. In addition, Bridger's BankXchange(tam) program optimizes banks' loan portfolio risk profiles and returns by facilitating purchases and sales of loan portfolios, whole loans and participations. Through a growing network of over 3,100 commercial loan officers nationwide, Bridger is commercial real estate banking's premier provider of secondary market origination and trading solutions. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion