REBusinessOnline

CAPMARK FINANCE ORIGINATES $13.5 MILLION MULTIFAMILY LOAN

AVON LAKE, OHIO — Capmark Finance has originated $13.5 million in fixed-rate debt for the acquisition of Somerset Apartments, a 98 percent occupied, 221-unit community located in Avon Lake. The loan was provided at a fixed rate of 6.02 percent and at a 70 percent loan-to-value ration. Capmark sourced the financing through its Freddie Mac CME program. Financing was based on a 10-year term, with 2 years interest only payments followed by a 30-year amortization. Stewart Campbell in the New York City office of Capmark originated the loan for the borrower Dimitrios Kaloidis.

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