LOW RATE LOAN FOR WALSH AVENUE INDUSTRIAL
California-based Liberty Mortgage Acceptance Corporation funded a $3,100,000 first mortgage on the 85,400 square foot Walsh Avenue IndustrialComplex located at 850-890 Walsh Avenue & 2605-2655 Lafayette Street in Santa Clara, California.
Liberty originated, underwrote and funded the permanent mortgage financing with a ten-year term and a fixed rate of 7.72%; amortized over 20 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.
The Walsh Avenue Industrial complex is comprised of three single-story industrial buildings built from 1951 to 1957, which are over 95% occupied. The buildings are situated on a 4.76-acre site at the southeast corner of the intersection of Walsh Avenue and Lafayette Street, just south of Interstate Highway 101. Lafayette Street and Del La Cruz Boulevard are the major north-south thoroughfares in the neighborhood, and provide good access to the subject, as does Interstate 101. The San Jose International Airport is located immediately east of the subject. Santa Clara is at the southern end of the San Francisco Bay Area, approximately 50 miles south of San Francisco and 40 miles south of Oakland. The majority of commercial space in Santa Clara County in industrial in nature, primarily manufacturing and Research & Development. This market is experiencing strong improvement, with vacancy rates dropping considerably and rents rising. The area's projected employment growth, a continued dwindling supply of space, and the property's land value combine to indicate the property is in a strong competitive position on the basis of low price, and its long-term outlook is very good.
Sacramento, California - March, 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.