FOR IMMEDIATE RELEASE
Contact: Herman Bulls, President & CEO
+1 (202) 256-1814
herman.bulls@bullscapitalpartners.com
Bulls Capital Partners
Arranges a $6.2 Million Refinance of 150-Unit Apartment
Property in Columbus, Ohio
Vienna,
Virginia, December 12, 2007 -- Bulls Capital Partners
LLC, a multi-family financial services provider and Fannie
Mae Delegated Underwriting & Servicing (DUS®) lender, today
announced it has provided financing to The Barrington Group,
Inc., in the amount of $6.2 million for the refinance of
Barrington Square Apartments, a 150-unit apartment complex
in Columbus, Ohio. The property is a 1970s vintage garden
style apartment complex with a mixture of one-, two- and
three-bedroom units. Property amenities include a laundry
facility, leasing office, swimming pool, playground, and
covered parking.
The loan
was directly originated by Mark B. Van Kirk, CFO and Chief
Operating Officer of Bulls Capital Partners, LLC.
The
transaction represents Bulls Capital Partners’ second loan
to The Barrington Group in 2007. In October, Bulls Capital
Partners financed Carnaby Square, a $5 million transaction
for a 154-unit property also in Columbus.
“It is
always a testament to our strong customer focus when a
borrower comes back for a second loan,” said Herman Bulls,
President and CEO of Bulls Capital Partners. “We worked very
hard to deserve the trust and confidence The Barrington
Group placed in us by bringing their repeat business to us.”
“This loan
continues a trend of strong demand for Fannie Mae DUS
products,” said Mark Van Kirk. “We are experiencing a very
strong fourth quarter due to current market dynamics as well
as our ability to structure transactions that are responsive
to borrowers’ needs.”
“In these
days of bank run mortgage mega-shops and conduit
uncertainty, Bulls Capital Partners has shown to me that
they understand the true cooperative partnership which
should exist between Lender and Borrower,” said Scott
Bradley, CFO of The Barrington Group. “Mark Van Kirk and his
team stayed with our deal through many twists and turns,
showing confidence in the asset, the Borrower, and the
relationship we are building.”
About Bulls Capital Partners, LLC
Bulls Capital Partners, LLC is a Fannie Mae-approved
Delegated Underwriting and Servicing (DUS®) lender that
offer a full array of financing solutions to owners of
multifamily property. Bulls Capital Partners’ key
capabilities under the DUS program include small loan
solutions, affordable housing solutions, student housing,
market-rate multifamily mortgages, and credit facilities,
among other offerings.
Bulls
Capital Partners is a joint venture of SunTrust Bank (www.Suntrust.com),
one of the nation’s largest commercial banking
organizations, and Bulls Multifamily, LLC, a
minority-controlled firm headed by President and CEO Herman
Bulls. Bulls previously ran a successful DUS lending
operation, and has extensive commercial real estate
experience with one of the world’s leading real estate
service providers. Co-founding Bulls Capital Partners with
Bulls is Mark Van Kirk, Chief Operating Officer. Van Kirk
previously served as Director of Counterparty Risk at Fannie
Mae.
Website:
http://www.bullscapitalpartners.com/
About
The Barrington Group, Inc.
The
Barrington Group Incorporated is a privately held developer,
owner and manager of multifamily assets, with holdings in
the Midwest and Southeastern United States. Established in
1974, BGI has excelled for more than 30 years managing and
developing in the multifamily industry. Today, BGI's
principals are applying their accumulated development,
marketing and management experience to the further growth of
their for-rent and for-sale housing portfolios.
Website:
http://www.barringtonusa.com
# # #
DUS is a
registered trademark of Fannie Mae
