Liberty Loans $8.7 Million on Port Huron Super K-Mart
Sacramento, California - May 23, 1996 - Liberty Mortgage Acceptance Corporation has announced the funding of a $8.7 million refinancing loan for the 193,950 square foot Super K-Mart retail center located at 1179 32nd Street, at the Interstate Highway 69 Business Loop, Port Huron Township, Michigan.
Liberty Mortgage originated, underwrote and funded the permanent mortgage financing with a ten-year fixed rate at 9.49%; amortized over 25 years, Funding occurred within 90 days from completion of the third party reports.
This loan 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 conduit lender.
Super K-Mart, owned by Sofran KM Limited Partnership, a Sofran Group entity, is situated on 26.04 acres in Port Huron and was constructed in 1993. Port Huron is located approximately 60 miles northeast of Detroit, in St. Clair County, Michigan. The detroit market area is the sixth largest in the nation, and this Super K-Mart, which includes both retail and grocery items, is experiencing very good sales. It is located directly across the border from Sarnia, Ontario, Canada, which contributes directly to its success.
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.