Liberty Loans $5.5 Million on Jackson K-Mart
Sacramento, California - December 16, 1997 - Liberty Mortgage Acceptance Corporation funded a $5,500,000 first mortgage on the 119,229 square foot K-Mart store located on a 12.88-acres site at 3555 O'Neill Drive in Jackson, Michigan.
Liberty originated, underwrote and funded the permanent mortgage financing with a ten-year term and a fixed rate at 7.58%; 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.
Jackson is located in the south central sector of Michigan, approximately 30 miles west of Ann Arbor and 65 miles west of Detroit. Other major metropolitan areas in the region include Toledo, Ohio to the south (62 miles), Cleveland, Ohio to the southeast (178 miles), Chicago, Illinois to the southwest (279 miles), and Toronto, Ontario to the northeast (257 miles). Due to Jackson's proximity, Detroit's metropolitan area plays a significate economic role. As the headquarters for the automobile industry's "Big Three" - General Motors, Chrysler and Ford - Detroit's economy has historically been heavily dependent on this specific market. With the recovery and growth of the domestic automobile industry, the general condition of the Detroit area economy has been favorable. The employment trend for this region, however, is towards the services industry, which has the largest share of employment. The region also has the Midwest's second largest retail market, behind only Chicago, and has a growing demand for retail space. Retail sales have been high and rank among the strongest in the nation.
The subject K-Mart is located immediately north of the Jackson city limits in a small retail area known as the Airport Commerce Center. The Jackson County Airport is to the immediate north, along with Interstate Highway 94, the main east-west thoroughfare connecting Detroit on the east to Chicago on the west. Major employers in Jackson include the state's first prison (Michigan Department of Corrections), Foote Hospital, Consumers Energy, Jackson Public Schools, Aeroquip Corp., Michigan Automotive, Jackson Community College, Jackson County, Compressor Inc., and Meijer Thrifty Acres. The overall retail market continues to thrive amid a healthy and growing local economy. Retail sales for Jackson are well above Detroit city's levels, and are projected to grow. These factors, among others, helped make the Jackson K-Mart an excellent candidate for financing.
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: firstname.lastname@example.org.