Fremont takes $1b bite out of the Big Apple.The 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 office of Fremont Investment & Loan's Commercial Real Estate Division closed a record $1 billion in financing in 2005. The loans were primarily for development or redevelopment of for-sale residential product in the Northeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , according to Patrick Crandall, vice president and regional manager of that office. The $1 billion in production represents nearly 20 percent of the company's business nationwide, as Fremont closed $5.65 billion in financing for commercial real estate during the year, for projects located in primary markets across the United States. Crandall also announced that Richard Smith, vice president and senior loan originator with Fremont's New York office, was named the company's top producer for the second year in a row, having closed more than $600 million in loans during 2005 and more than $1 billion in closed loans since joining Fremont in 2003. "Fremont has become a significant lender in the Northeast since opening our office in 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. just three years ago," Crandall said. "Rich Smith is one of the primary reasons we have been so successful." Among the noteworthy deals Fremont's New York office closed in 2005 were acquisition and conversion loans for landmark assets in New Jersey and Boston. Fremont provided $105 million to Metrovest Equities of New York to acquire the former Jersey City Medical Center and convert it into residential condominiums. The project is now known as The Beacon and sales activity is exceeding projections. The other landmark asset is the Longwood Towers apartment project in Brookline, MA. Fremont's $131 million loan helped the RADCO RADCO Rappahannock Area Development Commission Companies of Atlanta acquire the project, complete capital improvements and renovate unit interiors prior to sale as condominiums. Fremont Investment & Loan is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Fremont General Corporation, a financial services holding company (FMT FMT Format FMT Fremont (Fremont, California) FMT FSW (Flight Software) Maintenance Team FMT Flame Maple Top FMT Full Mission Trainer FMT Fissile Material Treaty FMT Filtered Multitone :NYSE NYSE See: New York Stock Exchange ) Headquartered in Southern California, Fremont's Commercial Real Estate Division originates custom tailored loans in all 50 states through nine regional offices. |
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