Churchill Mortgage Arranges $4.25 Million Acquisition Loan

Press Release
For Immediate Release

Contact: Cindy Hammond, President
Churchill Mortgage of Arizona, Inc.
11811 N. Tatum Blvd., Suite 3083
Phoenix, AZ 85028
Phone: 602-748-1501
Fax: 602-748-1515
Email: chammond@cmaz.com

Phoenix, Arizona — Churchill Mortgage of Arizona, Inc. closed a $4.25 million loan secured by Westside Commerce Center located at 1329 N. 29th Avenue, Phoenix, Arizona. The property consists of six, single story concrete industrial, warehouse, showroom buildings containing 73,548 square feet. The property is 100% occupied. Churchill’s loan correspondent, Principals Commercial Acceptance, funded the loan to Garren Investments, concurrent with their acquisition of the property. PCA’s loan featured a 3 year non-recourse floating rate loan with the ability to release individual buildings or suites from the loan collateral in the event of a condominium sale of the property, as well as no prepayment premium after one year. Cindy Hammond, President, of Churchill Mortgage of Arizona, Inc. arranged the financing which funded on February 5, 2007. Churchill Mortgage of Arizona, Inc. represents nineteen correspondent lenders comprised of life companies, banks and pension funds.