LMAC PROVIDES FUNDING FOR TOOELE, UTAH RETAIL CENTER
California-based Liberty Mortgage Acceptance Corporation funded a $1,650,000 first mortgage on the 21,450 square foot Tooele (pronounced "Too-ella") Main Street Shops located at 752-788 North Main Street in Tooele, Utah.
Liberty originated, underwrote and funded the permanent mortgage financing with a twenty-year term and a fixed rate of 7.375%; fully amortized over twenty 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.
Tooele Main Street Shops is a 100%-leased strip retail center constructed in 1997 on a 1.644 acre site in Tooele, Utah. The nine tenants are located between a Wal-Mart store and a Smiths Food Kings grocery store. Tooele's Main Street (Highway 36) has the town's primary concentration of commercial and retail uses, with the downtown area located approximately six to eight blocks south of the subject. Main Street has an estimated average daily traffic count of 15,250 vehicles, and intersects with Interstate Highway 80, the major east-west thoroughfare, approximately 13 miles north of the Tooele Main Street Shops. I-80 connects Tooele with Salt Lake City, the Utah state capitol, approximately 30 miles to the east, and with Nevada and California to the west.
The area has a strong and growing economy, with a 3.5% net employment growth for Tooele County from 1996 to 1997. High tech, service, trade, government and manufacturing are the region's largest economic sectors, helping the area maintain a low 2.5% unemployment rate.
Sacramento, California - August, 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; Web site is www.libertymac.com