Liberty Loans $12.75 Million on San Antonio Homewood Suites
Sacramento, California - February 3, 1998 - Liberty Mortgage Acceptance Corporation funded a $12,750,000 first mortgage on the 146-room Homewood Suites located at 432 West Market Street, along the historic River Walk in San Antonio, Texas.
Liberty originated, underwrote and funded the permanent mortgage financing with a ten-year term and a fixed rate of 7.87%; amortized over 25 years.
This 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.
Liberty is enthusiastic about San Antonio, county seat for Bexar County, believing that it will continue to be Texas' number one tourist destination. Attractions include the San Antonio Zoo and Aquarium, Splashtown water park, Six Flags Fiesta Texas, Sea World of Texas, Hemis Fair Park (Towers of the Americas), and the Alamodome, home of the San Antonio Spurs NBA basketball team. Gulf Coast beaches are three hours to the southeast, and the Mexican border is just three hours to the south. Agri-business and the military (with five bases surrounding the city) are major economic forces in the region, as is the healthcare industry. Transportation in the area is excellent, as all highways radiate from the central business district, including Interstates 10, 35, 37, and Loops 410 and 1604 which circle the city. Two freight railroads, two Amtrack trains, and mass transit are readily accessible, as is the San Antonio International Airport with direct service to all major hubs and many international destinations. The Homewood Suites is a historic, eleven-story building (on the Historic Society Register) with a heated roof-top pool and spa, and valet parking service. Amenities for the 146 suites include microwave ovens, cooktop stoves, refrigerators, VCRs, dishwashers, cooking pots and utensils, coffee and juice machines, free newspapers and complimentary continental breakfast. The hotel opened in February of 1996, and has had steady occupancy and increasing ADR's, making it an excellent candidate for financing by LMAC.
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.