Following $183 Million and $247 Million Transactions Announced at the End
of 2006, New Loans Highlight Countrywide's Continued Success in Commercial
Real Estate Lending
CALABASAS, Calif., Jan. 16 /PRNewswire/ -- Countrywide Commercial Real
Estate Finance announced it has closed two loans totaling $115 million to
Westcore Properties, LLC, Angelo, Gordon & Co. and City Center Retail, LLC
for the acquisition of two San Francisco Bay Area buildings. Eastdil
Secured was the broker on both transactions.
Both properties are located in prime areas where the office market has
experienced a significant decrease in vacancy over the past twelve months.
Details of the loans include:
* An $81 million floating rate loan to Westcore Properties, Angelo, Gordon
& Co. and City Center Retail, LLC for the Phelan building at 760 Market
Street. This 267,000 square foot building built in 1908 near Union
Square includes both retail and office space and is located across the
street from a recently renovated and popular shopping mall. This loan
included funds for future capital expenditures to the property.
* A $34 million floating rate loan to Westcore Properties for the Folsom
building at 795 Folsom Street. This 187,500 square foot office building
includes large floor plates in a market in which single floor suites are
scarce and is located in a desirable technology area close to BART,
Muni, and the 80 Freeway.
"Countrywide Commercial underwrote and funded these loans in just a few
weeks after loan structure changes were made shortly before the close of
escrow," said Manni Malhotra, Chief Financial Officer of Westcore
Properties. "We have a high level of trust in their team to fund loans in a
timely manner and without issue."
"Westcore, Angelo, Gordon, and Co., and City Center Retail are all
repeat borrowers," said Boyd Fellows, Managing Director, Countrywide
Commercial. "Stepping up to close their deals in a few weeks is a great
example of how we try to earn our clients' business every day and why
they're coming back for more."
In less than two months, Countrywide Commercial closed a $183 million
loan to Westcore Properties for 1.4 million square feet of office and flex
office property space, as well as a $247 million loan to Ashford
Hospitality Trust for seven full-service, upscale hotels in various
locations across the nation. Both transactions, in addition to those
referenced in today's announcement, were led by Countrywide Commercial's
Senior Vice President, Kyle Jeffers.
For more information on Countrywide Commercial, please visit
http://www.countrywidecommercial.com.
About Countrywide Commercial Real Estate Finance, Inc.
Countrywide Commercial Real Estate Finance, Inc., a provider of fixed-
and floating-rate financing for multi-family and commercial properties, is
a unit of Countrywide Capital Markets, Inc. (CCM), a wholly-owned
subsidiary of Countrywide Financial Corporation (NYSE: CFC). Other CCM
business units include Countrywide Securities Corporation, a registered
broker-dealer specializing in underwriting, buying and selling
mortgage-backed debt securities; Countrywide Servicing Exchange, an
advisory and brokerage firm specializing in the transfer of bulk loan
mortgage servicing rights portfolios between third parties; Countrywide
Asset Management, a full-service company that acquires, services and
manages distressed residential mortgage loan assets for rehabilitation and
eventual sale; and CCM International, Ltd., and Countrywide Capital Markets
Asia, Ltd., distributors of American securities in the UK and Japan,
respectively.
SOURCE Countrywide Commercial
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Related links:
http://www.countrywidecommercial.com
CONTACT:
Ed Essa or Kris Yamamoto, both of Countrywide
Commercial, +1-800-796-8448, pressroom@countrywide.com
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