VOL. 114 | NO. 144 | Tuesday, July 25, 2000
properties change hands
Laureate Capital Corp., a subsidiary of Resource Bancshares Mortgage Group, Inc., recently arranged permanent financing in the amount of $17.9 million for three Memphis properties through Allstate Insurance Co.
The borrower was Canon-Pan Am Investors LLC of Nevada.
The loan was secured by the 64,000-square-foot Pan Am International Flight Academy Building at 8150 Thomas and Betts Blvd. in Southwind and two Class A industrial buildings totaling 382,790 square feet at 4665 and 4660 Distriplex Drive West.
The Pan Am building is 100 percent leased to Pan Am, and the 4665 and 4660 Distriplex buildings are 100 percent leased to Canon Computer Systems Inc.
The three buildings were part of a $24.2 million portfolio sale.
John Robinson with Cushman & Wakefield of Texas represented the seller, Farnsworth Investment Co. Randy Engle of Laureate Capital represented the buyer, Canon-Pan Am Investors LLC.
"(Canon-Pan Am Investors LLC) were a client of ours who were looking for a property in Memphis," said Randy Engle with Laureate Capital of Memphis. "We were fortunate enough to find out about the Farnsworth opportunity. We started talking strictly about the Pam Am building and their interest grew into the Canon facilities. We were fortunate enough that Tommy Farnsworth was ready to put those on the market and made a portfolio sale of it.
Laureate Capital Corp. is a diversified commercial mortgage banking firm specializing in arranging financing, brokerage and providing asset and portfolio management as well as loan servicing for owners and developers of commercial and multi-family real estate and financial institutions, Engel said.
Based upon servicing volume, Laureate Capital Corp. is among the 25 largest commercial mortgage banking firms in the United States and services loans in 32 states totaling $4.2 billion.
Laureate Capital Corp. has 12 offices in eight states, located in Charlotte and Raleigh, N.C.; Greenville, S.C.; Nashville, Tenn.; Norfolk, Va.; Birmingham and Mobile, Ala.; Indianapolis; Naples, Fla.; and Pittsburgh and Harrisburg. Pa.
Resource Bancshares Mortgage Group, Inc. is a diversified financial services company engaged primarily in the business of mortgage banking, through the origination and purchase, sale and servicing of agency-eligible and subprime residential, single-family, first mortgage loans and the purchase and sale of servicing rights associated with such loans.
In addition, the company originates, sells and services small ticket commercial equipment leases and originates, sells, underwrites for investors and services commercial mortgage loans.