Capmark Finance Inc. Provides $69 Million in Financing for a New Jersey Luxury Property.LONG BRANCH, N.J. -- Capmark Finance Inc. (Capmark Finance) has provided $69 million in fixed-rate, permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. for a Long Branch, N.J., mixed-use property. Pier Village Pier Village is a multi-use "lifestyle center" located in Long Branch, New Jersey along the Atlantic Ocean. It opened in 2005. History The land that Pier Village now sits on was originally that of the Long Branch Pier and the Kid's World amusement park. is ideally located at 1 Chelsea Avenue on the famed "Jersey Shore." The property is comprised of 320 luxury rental apartments and approximately 100,000 square feet of retail boutique shops and restaurants, as well as a beach club overlooking the Atlantic Ocean Atlantic Ocean [Lat.,=of Atlas], second largest ocean (c.31,800,000 sq mi/82,362,000 sq km; c.36,000,000 sq mi/93,240,000 sq km with marginal seas). Physical Geography Extent and Seas . Pier Village is considered one of the Jersey Shore's premier destinations for living, shopping and entertainment. Senior Vice President John Motzel and Vice President Robert Lipson, both of Capmark Finance's Red Bank, N.J., mortgage banking office, arranged the transaction as a loan eligible for sale to Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. . The Applied Companies received the financing. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Motzel, "We were able to work with Freddie Mac to get comfortable with the capital structure, which included a number of loans from state and local agencies because this project is part of a bigger urban redevelopment zone in Long Branch." Lipson added, "The project enjoyed early successes, which prompted the developer to incorporate some upgrades to the initial plan. As a result, we worked with Freddie Mac to fund an additional $7 million to cover these improvements." 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 Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. . 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 and HUD/FHA HUD/FHA Housing and Urban Development / Federal Housing Administration . With a servicing portfolio of approximately $285 billion as of March 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 $10.5 billion in investments under management and supervision as of March 31, 2006. For more information about Capmark, visit www.capmark.com. Property photo available upon request. (C)2006 Capmark Financial Group Inc. All rights reserved. |
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