Capmark Finance Inc. Provides $75 Million in Financing for The Courtyard Pasadena.PASADENA, Calif. -- Capmark Finance Inc. (Capmark Finance) provided $75 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 The Courtyard Pasadena, a hotel in Pasadena, Calif. The 80 percent LTV LTV See: Loan-to-value ratio loan has a 10-year term with interest only for the first five years and a 30-year schedule for the last five years. Located at 180 North Fair Oaks Avenue, the 73,000 square-foot property is situated on 1.67 acres of land. Built in 2000, Courtyard Pasadena is a six-story hotel with 314 rooms. The property has 5,750 square feet of meeting space and a five-story parking structure. Amenities include a dining room, outdoor pool, fitness room and spa. Vice President David Fishler 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 and Vice President Chris Allman, a specialist in hospitality in the company's McLean, Va. office, originated the transaction. The borrower, RT Pasad Hotel Partners, LP, is an affiliate of AVR (Automatic Voltage Regulation) See voltage regulator. Realty & Dimension Development. "This transaction was achievable based on the property's enhanced performance over the last few years," said Fishler. "It represents one of many fixed-rate hotel loans provided by Capmark for this ownership group." 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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