Capmark closes on $60m floating-rate loan.

Capmark Finance Inc. arranged $60 million in floating-rate financing for dry and cold storage facilities located at the Port Carteret Industrial Complex in Carteret, N.J. Located on approximately 59 acres off Exit 12 of the New Jersey Turnpike in proximity to the Port of Elizabeth and Newark, the property consists of two buildings--one a dry grocery storage building and the other a freezer storage facility--totaling approximately 1.1 million square feet.

The facilities are fully occupied under a longterm lease by a food distributor.

Capmark senior vice president Brian Campbell originated the loan, which closed in just 21 days from application, for the borrower, an affiliate of KTR Capital Partners. Capmark also announced $23,425,000 in floating-rate debt through its Freddie Mac Capped ARM program for the refinance of Autumn Chase Apartments, a multifamily property in Ellington, Conn.

The 75% LTV loan, with a floating 4.66% rate capped at 7%, features a seven-year term with a 30-year amortization.

The property, on 115 West Road, includes two parcels--the 34-building, 253-unit Autumn Chase Apartments on a 56-acre parcel and a 16-acre parcel that was purchased separately for the future development of an additional 80 rental units.

Autumn Chase Apartments is currently 91% occupied at an average monthly rent of $1,262 per unit.

Stewart Campbell of Capmark's New York City office originated the transaction for Autumn Chase LLC, an affiliate of Gardner Chapman. Refinancing through Freddie Mac's Capped ARM program afforded the borrower supplemental financing flexibility for the construction of an additional 80 units on the vacant portion of the property with an attractive prepayment option and low initial rate.