Last week's commercial mortgage activity
December 31, 2001
By MortgageDaily.com staff
Sunrise Assisted Living, Inc. announced that it completed financing transactions totaling $167 million this quarter through Glaser Financial and GMACC as seller servicers for Fannie Mae. The transactions include a $60 million revolving credit facility as well as the refinance of nine properties through first mortgage loans totaling $107 million. Sunrise has the option to extend the initial 5-year term by an additional five years, and it may expand the initial $28 million draw to $100 million. Based on current outstanding balances, Sunrise has up to $174 million of unused credit facilities available.