Liberty Loans $6.072 Million on Big Curve Shopping Center
Sacramento, California - October 4, 1996 - Liberty Mortgage Acceptance Corporation has announced funding a $6,072,000 loan for the 126,402 square foot Big Curve Shopping Center located at the northeast corner of 32nd Street and 4th Avenue in Yuma, Arizona.
Liberty originated, underwrote and funded the permanent mortgage financing with a ten-year fixed rate of 9.19% (a spread over U.S. Treasuries of 235 basis points); amortized over 25 years.
The loan will be part of a multi-million 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.
Big Curve Shopping Center, an open-air multi-tenant shopping center, comprises a total site area of 21.45 acres in south central Yuma, and includes such tenants as Walgreen's and Miller's Outpost as well as six developed outlying pads with Applebee's, Bank of America, Carl's Jr., Carrow's Restaurant, Bank One of Arizona, and Checker Auto Parts. Albertson's Supermarket owns its own pad. The center is currently 100% occupied by 31 tenants. Big Curve features extremely high visibility due to its location along the Business Route 8 "curve" at the "focal point for retail-oriented development in the Yuma area." Approximately 30,000 vehicles pass by the shopping center on a daily basis, and the site is considered to be one of the strongest within the Yuma metropolitan area. Yuma is located in the far southwest corner of Arizona, near the borders of California and Mexico, approximately halfway between San Diego and Phoenix, the Arizona state capitol.
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.