LIBERTY FUNDS NEW JERSEY K-MART
California-based Liberty Mortgage Acceptance Corporation funded a $2,850,000 first mortgage on the 99,574 square foot K-Mart Store located at 200 Passaic Avenue in Kearny, New Jersey.
Liberty originated, underwrote and funded the permanent mortgage financing with a ten-year term and a fixed rate of 7.50%; amortized over twenty-five years.
The loan is part of a mortgage pool that Liberty is currently assembling for securitization according to Joe Cunningham, President and co-founder. Liberty Mortgage Acceptance Corporation makes commercial real estate loans on all types of income property on a nationwide basis.
The subject K-Mart is an 89,842 square foot single-story "big box"retail building with a two-story stockroom/storage mezzanine (for a total useable area of 99,574 square feet), and includes an eight-bay automotive service facility, indoor/outdoor garden shop, fast food restaurant, and a photography shop. Parking is provided for 413 vehicles, with an additional 420 spaces available at an adjoining shopping center. This K-Mart was developed in 1980 on an 8.02-acre site in Kearny, New Jersey, approximately eight miles north of the Newark International Airport just off Interstate Highway 95.
Kearny is in the heart of the northern New Jersey metropolitan area, and is easily accesible via State Route 21 and Interstate Highway 280 via the Belleville Turnpike approximately one mile north of the subject. New York City is five miles to the northeast via the Holland Tunnel. Kearny is adjacent to the Newark Central Business District and the Essex County border. Nearby I-95 provides direct access to all major east coast cities.
Sacramento, California - June, 1998
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; Web site is www.libertymac.com