Capmark Finance Inc. Provides $141 Million Financing Package for Fashion Outlets of Las Vegas.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- Capmark Finance Inc. (Capmark Finance) has provided a $141,000,000 financing package to the Talisman Companies, L.L.C. (Talisman) for the Fashion Outlets of Las Vegas Fashion Outlets of Las Vegas is a 371,000 square foot shopping mall located in Primm, Nevada and is owned by Primadonna Resorts. Its address is 32100 Las Vegas Boulevard South, and is located just off Interstate 15 at the California state line, some 40 miles southwest of Las Vegas. , an upscale outlet shopping destination 36 miles south of the Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. in Primm, Nev. The Fashion Outlets of Las Vegas is attached to Primm Valley Resort and Casino and features more than 100 designer outlets including Neiman Marcus Neiman Marcus U.S. department-store chain. It was founded in Dallas, Texas, in 1907 by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband, A.L. Neiman. , Ralph Lauren, Michael Kors, Versace, Nike, Hugo Boss, St. John's Knits and Kenneth Cole among others. Vice President Scott Crimmins of the Capmark Finance New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. office originated the transaction, which included five-year, fixed-rate senior debt on the existing improvements; preferred equity; and a standby five-year construction mezzanine loan to facilitate the eventual expansion of the property. Crimmins said, "This is the third time Capmark Finance has financed this property, beginning with a bridge loan when Talisman acquired the property in 2000 followed by permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. at stabilization." The current financing enabled Talisman, a well-known firm specializing in redeveloping and remarketing shopping centers, to buy out its institutional partner, an affiliate of Goldman Sachs, and position themselves to expand the property. When pre-leasing is complete, Talisman plans to expand the existing 371,600 square-foot center by an additional 150,000 square feet. "This shopping center was 50 percent leased when Talisman acquired it in 2000," said Crimmins. "The property is now 99 percent leased and has seen sales increased by 100 percent under Talisman's ownership." It is today, one of the top 10 outlet centers in the United States by sales. About Capmark[TM]: Capmark is a leading real estate financial company with 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 Fannie Mae: see Federal National Mortgage Association. , Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. and HUD/FHA HUD/FHA Housing and Urban Development / Federal Housing Administration . With a servicing portfolio of approximately $310.9 billion as of Dec. 31, 2006, 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 $13.7 billion in investments under management and supervision as of Dec. 31, 2006. For more information about Capmark, visit www.capmark.com. Mortgage Banking Licenses: CA: CA Department of Corporations Finance Lender License (lending) and CA Dept. of Real Estate Broker License #00398180 (brokering); MI: Capmark Finance Inc., Michigan Real Estate Broker, Phone 248-208-3460; NV: Capmark Finance Inc., 1 East Liberty Street, 6th Floor, Suite 12, Reno, NV, Phone: 775-686-6690; NY: Capmark Finance Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Real Estate Broker [c]2007 Capmark Financial Group Inc. All rights reserved. |
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