Liberty Loans $9.915 Million on Two Wisconsin Warehouses
Sacramento, California - October 25,, 1996 - Liberty Mortgage Acceptance Corporation has announced funding a $6,450,000 loan for the 356,900 square foot Warehousing of Wisconsin warehouse located at 2101 Bohm Drive in Little Chute, Wisconsin, and funding a $3,465,000 loan for the 223,750 square foot Warehousing of Wisconsin warehouse located at 3605 Concord Avenue in Schofield (Weston), Wisconsin.
Liberty originated, underwrote and funded the permanent mortgage financings with a ten-year fixed rate at 9.21% (a spread over U.S. Treasuries of 265 basis points); amortized over 25 years.
The loans will be part of a multi-million dollar 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.
The subject properties are one-story corrugated metal and steel-framed full-service public distribution warehouses that were built between 1990 and 1995. Warehousing of Wisconsin's warehouses are utilized primarily by the paper industry as the state of Wisconsin is home to many of the United States' largest paper producers. Occupancy of the two Warehousing of Wisconsin facilities are both currently 100%. The city of Schofield (Weston) is a suburb of Wausau in Marathon County, in the central portion of the state, just easy of Green Bay. The village of Little Chute is located farther south in Outagamie County, north of Lake Winnebago near Appleton, in the eastern portion of the state. A majority of the employment in these areas is in the manufacturing sector. Interstate Highway 51, Business Route 51 and State Highway 29 provide nearby freeway access for Schofield, while State Highways 41 and 441 link the Little Chute area with Milwaukee, Oshkosh, Green Bay and the rest of the state of Wisconsin.
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.