LIBERTY LOANS $3.75 MILLION ON PEABODY INDUSTRIAL FACILITY
California-based Liberty Mortgage Acceptance Corporation funded a $3,750,000 first mortgage on the 134,400 square foot First Avenue Building facility located at 1 First Avenue in Peabody, Massachusetts.
Liberty originated, underwrote and funded the permanent mortgage financing with a five-year term and a fixed rate of 8.245%; 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. Liberty Mortgage Acceptance Corporation makes commercial real estate loans on all types of income property on a nationwide basis.
First Avenue Building is a manufacturing building with warehouse ceiling heights of 18 and 24 feet, six enclosed and four outside loading docks with tailboard levelers, and two drive-in bays. The building also features 8,000 square feet of office space. The building is currently 100% occupied by Bicknell & Fuller. The site is located in Centennial Park, a 2.5 million square foot industrial / Research & Development park located at the corner of the "Golden Triangle" where Route 1, Route 128, and Interstate 95 intersect in Peabody, Massachusetts. From a distribution standpoint, this location represents one of the most advantagious locations in New England, with easy access to Vermont, New Hampshire, Maine, Massachusetts, Rhode Island, and Connecticut. Peabody is approximately 20 miles northeast of Boston, and is directly influenced by that market.
Of particular concern were the environmental concerns of the site, which is listed as a RCRA site, a spill site, an underground storage tank (UST) site and a state hazardous waste site. The recovery and treatment system at the subject property has been upgraded and remediation will continue in early 1998 as the groundwater table rises. It is estimated that the subject property will meet the requirement of a Class "A" Response Action Outcome (or a permanent solution requiring no further remedial action) within three to five years. In connection with this remediation, the Borrower has obtained a $1,000,000 insurance policy with all premiums prepaid.
Sacramento, California - May, 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; or E-Mail: firstname.lastname@example.org.