Liberty Loans $4.165 Million on Hannaford Brothers Supermarket
Sacramento, California - October 14, 1997 - Liberty Mortgage Acceptance Corporation funded a $4,165,000 first mortgage on the 57,211 square foot Hannaford Brothers Supermarket located at 3001 Polo Parkway in Richmond, Virginia.
Liberty originated, underwrote and funded the permanent mortgage financing with a twenty-year term and a fixed rate at 7.78%; amortized over 30 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.
Hannaford Brothers is a free-standing one-story, single-tenant retail building constructed in 1990, and is located within the Shoppes at Bellgrade Shopping Center in Chesterfield County, approximately one mile southwest of Richmond city limits. The 5.439-acre site, at the intersection of West Huguenot Road (Route 147) and Polo Parkway, includes a rear loading dock and an open asphalt paved parking lot. Route 147 leads west from downtown Richmond before turning south just past the subject to intersect approximately one mile south with U.S. Route 60 (Midlothian Turnpike), a major east-west commuter thoroughfare. Retail development for the neighborhood is concentrated along these two roads. Route 147, in particular, provides high visibility and accessibility to Hannaford Brothers. The subject's neighborhood is about 90% built-out and is experiencing healthy growth as population and employment continue expansion from Richmond into the suburbs. Richmond, founded in 1737, serves as the state capitol and is approximately 100 miles south of Washington, DC and midway between Atlanta and Boston. Population has seen a dramatic increase, up 13.7% from 1980 to 1990, and another 8.9% through 1996. This growth has been matched by business expansion and employment growth, due in part to its convenient location between Atlanta and Boston, competitive tax policies, and excellent transportation systems. These factors, in addition to the strong sales at this location, made Hannaford Brothers an ideal 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: email@example.com.