Capmark number crunch saves client $300,000.Capmark Finance Inc. (Capmark Finance) has provided $140,500,000 in fixed-rate financing for Two Gateway Center, an 18-story office building in Newark, N.J. The 780,454 s/f, building is part of a four-building complex adjacent to the Penn Station rail terminal. With major tenants including Prudential Insurance Co., The Port Authority of N.Y. & N.J., the State of New Jersey, Wachovia, and the U.S. government, Two Gateway Center is 99.6 percent occupied. Capmark Finance vice president Scott Crimmins of the company's 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 arranged the financing for 2 Gateway Center Partners, an affiliate of C&K Properties, a New York-based real estate investment firm. Ben Korman and Meir Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , the cofounders and principals of C&K Properties have been active in the NYC NYC abbr. New York City NYC New York City market since the mid-1980s. The borrower acquired Two Gateway Center in January 2006, assuming the existing debt held by Capmark Finance. At that time Capmark Finance provided a forward rate lock, which enabled the borrower to take advantage of January's lower interest rate environment when the loan became eligible for defeasance defeasance n. an antiquated word for a document which terminates the effect of an existing writing such as a deed, bond, or contract if some event occurs. DEFEASANCE, contracts, conveyancing. in August. 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. Crimmins, "Capmark also assisted the borrower with the defeasance by structuring a custom debt security through Fannie Mae Fannie Mae: see Federal National Mortgage Association. that saved the borrower over $300,000 on the cost of the defeasance." The 85 percent loan-to-value financing has a 10-year term and is interest-only for the first five years. |
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