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ALEXANDRIA, VA-A $20.3 million loan for the 397-unit Presidential Greens Apartments in Alexandria, VA is the largest single asset loan the Capital Markets Group has ever closed. The other Virginia properties involved, all of which are owned and operated by Chandler Management, are the 202-unit Gates of West Bay Apartments in Richmond and the 112-unit Landmark Apartments in Newport News. Those buildings commanded loans of $5.2 million and $3.1 million, respectively. Interest rates on the loans are approximately 7%. They are 5- and 10-year fixed-rate loans and carry a 30-year amortization.

Capital Markets Group is a financing division of Henry S. Miller, the largest commercial real estate services company in Texas. Before the Presidential Greens transaction, the firm’s highest loan was $17.9 million for the Pepper Square Shopping Center in Dallas Texas. To date, Capital Markets Group has over $400 million in closed loan transactions under its belt.

GE Capital serves as the lender on the multi-million dollar Virginia properties transaction. In a company press release, Capital Markets Group founder and managing director Mark Baldwin explains that GE Capital’s funding, especially for a single loan over $15 million, “indicates the lender’s resolute confidence in the market and the skill of the owner-operator to continue historical income growth.”

Officials at Capital Markets Group are well aware that the deal could have been sidelined due to financial market wariness prompted by the September 11 terrorist attacks. Baldwin notes that although the loans “had issued commitment prior to the attacks of September 11, it would have been easy for the lender to walk away from the closings or delay the process, which was widespread in the industry.” However, all plans remained on schedule despite the upheaval and uncertainty, and the recently announced loans closed as planned on September 29.

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