Liberty Loans $5.5 Million on Kansas City Ramada Inn
Sacramento, California - January, 1998 - Liberty Mortgage Acceptance Corporation funded a $5,500,000 first mortgage on the 249-room Ramada Inn located at 7301 NW Tiffany Springs Road in Kansas City, Missouri.
Liberty originated, underwrote and funded the permanent mortgage financing with a ten-year term and a fixed rate of 8.49%; amortized over 25 years.
The loan is part of a mortgage pool that Liberty is currently assembling for securitization according to Joe Cunningham, President and co-founder of the Sacramento, California-based commercial mortgage lender. Liberty Mortgage Acceptance Corporation makes commercial real estate loans on all types of income property on a nationwide basis.
Kansas City is the nations's 25th largest metropolitan area in terms of both population and employment, and has a healthy and diverse economy. It ranks first in the Midwest and fourth in the country for job growth, and has one of the best transportation systems in the nation. The Kansas City Ramada Inn is a 249-room, full-service hotel comprising 153,596 square feet, and is situated on a 6.84-acre site approximately four miles northwest of downtown Kansas City. The eleven-story hotel was constructed in 1973, and its amenities include an outdoor pool, restaurant, lounge, nine meeting rooms, free HBO, in-room coffee makers, and an airport shuttle service. The hotel leads its competitive set with an 79.8% occupancy level, and its historically strong occupancy is directly attributed to the hotel's consistent repeat business in the form of rate contracts with Northwest Airlines, American Airlines, US Airways and Continental Airlines, Its "Park-N-Fly" business also ensures continued high occupancy levels, as does its very successful military recruiting station marketing. The hotel benefits from good visibility from Interstate Highway 29, the major thoroughfare connecting Kansas City with Platte City, the seat of the Platte County government, continuing north to Nebraska, Iowa, the Dakotas and Canada. Several other major freeways, including Interstates 435, 70 and 35 are all within a few minutes of the Ramada.
Founded in 1992, California-based Liberty Mortgage Acceptance Corporation is a private mortgage lender specializing in the securitization of commercial real estate mortgages on apartments/multifamily, shopping centers, factory outlet centers, mobile home parks, light industrial or R&D, office buildings, hotels, and health care facilities nationwide. A direct lender, Liberty provides a highly liquid security to the investment community. For more information, please contact Liberty at 4980 Hillsdale Circle, El Dorado Hills, CA 95762; Phone (916) 568-0100; Fax (916) 568-0110; or E-Mail: email@example.com.