Capmark closes $32m office finance.Capmark Finance Inc. originated $32.5 million in fixed-rate, interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. for the acquisition of 408 Broadway, an office building in 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 . The 80% LTV LTV See: Loan-to-value ratio loan has a three-year term with interest-only payments. The 75,100 s/f property is located in the City Hall submarket of Manhattan. The Capmark Finance New York office originated the transaction. The borrowers, Apollo Rooms Associates, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and HKarten Realty Co., LLC, were sponsored by Nicholas Aynilian and Harry Karten. "Capmark Finance structured a loan that accommodates the acquisition and lease-up of a well-located property for our client, who owns several other well-performing properties in the Tribeca neighborhood," said Vice President Stewart Campbell. Capmark is a global, diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a that provides a broad range of financial services to investors in commercial real estate-related assets. Capmark has 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, Freddie Mac and HUD/FHA HUD/FHA Housing and Urban Development / Federal Housing Administration . With a servicing portfolio of approximately $371.7 billion as of December 31, 2007, Capmark Finance is one of the industry's leading loan servicers. |
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