Newman & Associates Closes $100,841,000 Variable Rate Demand Tax-Exempt Multifamily Revenue Refunding Bonds for the Benefit of Capstead Mortgage Corporation.Business Editors DENVER--(BUSINESS WIRE)--Nov. 26, 2002 Newman & Associates, a Division of GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Holding Capital Markets Corp. is pleased to announce the $100,841,000 financing of Chambrel Projects for the benefit of Capstead Mortgage Corporation, the borrower. The purpose of the transaction was to refinance five independent and assisted senior living properties located in five states. The borrower acquired these assets from AIMCO AIMCO Apartment Investment Management Company (Columbus, OH) in May of 2002. Bonds for each property were issued through local housing and development entities and are secured by credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing provided by Fannie Mae Fannie Mae: see Federal National Mortgage Association. . The credit enhancement was arranged through Glaser Financial Group, a Fannie Mae DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) lender. The bonds received an AAA/A-1+ rating from S&P and were sold in a weekly floating rate mode.
$100,841,000
Variable Rate Demand Multifamily Housing Revenue
Refunding Bonds
Series 2002
(Chambrel Projects)
consisting of:
$25,019,000 Garland Health Facilities Development Corporation
(Chambrel at Club Hill)
$12,451,000 Ohio Housing Finance Agency
(Chambrel at Montrose)
$24,350,000 Industrial Development Authority of the County
of James City, Virginia
(Chambrel at Williamsburg)
$29,780,000 Housing Authority of the City of Roswell, Georgia
(Chambrel at Roswell)
$ 9,241,000 Marion County Industrial Development Authority
(Chambrel at Pinecastle)
Brookdale Living Communities, a sister company to the borrower, leases the properties from the borrower and operates the five facilities, which consist of a total of 905 independent living units and 210 assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. units. Brookdale operates more than 60 properties in 27 states, and its mission is to provide exceptional retirement housing throughout the 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. . Tom Gibson, a managing director at Newman & Associates, led the team that closed this financing. Newman & Associates was the sole manager. Newman & Associates, a Division of GMAC Commercial Holding Capital Markets Corp. was founded in 1978 to specialize in real estate finance and is one of the largest real estate investment banking firms in the country. Headquartered in Denver, Newman & Associates also has offices in Manhattan Beach, Pasadena, San Diego, Calif.; Atlanta; Chicago; Horsham, Pa.; Houston, Texas; 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. ; New Orleans; Seattle and Washington D.C. Press releases and other information about Newman & Associates, its products and services are available at www.newmanfs.com. |
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