Liberty Loans $3.2 Million on ICN Pharmaceuticals
Sacramento, California - December 13, 1996 - Liberty Mortgage Acceptance Corporation funded a $3,200,000 first mortgage on the 102,560 square foot ICN Pharmaceuticals Building located at 13 Mountainveiw Avenue in Orangeburg, New York.
Liberty originated, underwrote and funded the permanent mortgage financing with a seven-year term and a fixed rate of 8.9% (a spread over U.S. Treasuries of 265 basis points); 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 nationwide.
ICN Pharmaceuticals is one of the top 50 pharmaceuticals and health care companies in the world, operating on an international scale. Their Orangeburg, New York building is a one-story industrial facility containing a combination of refrigerated space, warehouse, production, assembly, partitioned lab space, and office space. Its location in Rockland County (approximately 30 miles north of New York City & 45 northwest of Manhattan) features excellent access to Interstate 87/287 & the Palisades Parkway, as well as to U.S. Highway 9W and State Highways 303, 340 & 59. The original facility was constructed in 1961 with a substantial addition completed in 1971; both portions underwent renovation in the early 1990's. The Rockland County and overall New York Metropolitan area are both exhibiting a strong economy and an increasing demand for industrial space. Rockland County has shown consistently lower unemployment figures than the State of New York, and the outlook for the region is positive.
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.