Equitable in hotel venture.Expanding their reach in the growing commercial mortgage securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. arena, Equitable Real Estate Investment Management, Inc. and Donaldson, Lufkin and Jenrette, Inc. (DLJ DLJ Distributor License for Java DLJ Donaldson, Lufkin & Jenrette Inc. DLJ Drive Like Jehu (band) DLJ Defence Laboratory Jodhpur (India) DLJ Dead Letter Journal ) announced a conduit program to provide $1 billion in financing for hotel and motel properties. The two Equitable Companies' units will team to originate, underwrite and securitize Securitize The practice of a company selling accounts receivables or other debts owed to it. The third party that buys the debt assumes ownership of it and the responsibility for collecting the debts, and keeps the repayments when made. loans ranging from $2 million to $25 million and above. The loans will be originated through Column Financial, Inc., a commercial mortgage conduit owned by DLI DLI Department of Land Information (Western Australia) DLI Donor Lymphocyte Infusion DLI Defense Language Institute DLI Durham Light Infantry (Regiment of the British Army) and Equitable Real Estate. Equitable Real Estate will source mortgages through its national network of investment officers and DLJ will securitize all the loans. "The hospitality industry exhibits attractive investment fundamentals, but still suffers from a liquidity shortage," said James Roiter, a DLJ managing director. "We're marshaling the originating and underwriting resources of Equitable Real Estate and Column Financial with DLI's securitization expertise to make a major impact as the hotel markets show marked improvement." Last Fall, Equitable Real Estate and DLJ formed Column Financial, Inc. a mortgage conduit for multifamily and retail originations. Column's 40 correspondents, concentrate on smaller loans, and complement Equitable Real Estate's 14 regional offices, which source larger transactions. "We have the people in place across the country, to move quickly in analyzing and underwriting these loans," said Tommy Clinton Tommy Clinton is a former professional footballer. He was born in 1926. He played for Dundalk F.C. in his native Ireland before joining Everton F.C.. He made 80 appearances for Everton (73 League and 7 FA Cup appearances) scoring 5 goals (4 League and 1 FA Cup), , an Equitable Real Estate executive vice president in charge of mortgage investments, who also is chief executive of Column Financial. "Nobody can match our nationwide coverage, experience or expertise in underwriting these investments." Steven S Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. . Stern, an Equitable Real Estate senior vice president in charge of capital markets, Donald MacKinnon, a DLJ senior vice president, and DLJ Vice President David Smith will spearhead the hotel program. "This program has been designed to respond quickly to hotel owners' needs," Clinton said. "These owners have been starved starve v. starved, starv·ing, starves v.intr. 1. To suffer or die from extreme or prolonged lack of food. 2. Informal To be hungry. 3. To suffer from deprivation. for capital in recent years, and we plan to provide financing to them at an efficient cost and structure." The nationwide program will originate non-recourse loans with 10- to 20-year terms on the full range of hotel types - including limited service, all-suite, extended stay, full service and resort. |
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