BASIS FUNDS $12.375MM LOAN ON NEW YORK RETAIL PROPERTY New York, NY – May 13, 2010 –
Basis Investment Group recently closed a $12.375 million fixed rate mortgage on a retail property located in New York City. The loan, which closed on April 30th, has a five year term and a loan to value ratio of approximately 75%. The deal was sourced through Enoch Lawrence, Senior Vice President of CBRE’s NY office. Basis is affiliated with JEMB Realty Corporation, a vertically integrated real estate holding company with over eight (8) million square feet of commercial real estate under ownership. Basis was launched in January 2009 by Tammy Jones (formerly Tammy Heyman), Morris Bailey and Joe Jerome. Since inception, the company has completed a number of CMBS transactions and has successfully grown its portfolio of assets. Basis’ 2010 focus is to grow its senior mortgage lending program. Basis will generally originate fixed rate, nonrecourse loans of $5 million to $75 million on multi-family, retail, office and industrial properties nationwide. Loan terms will range from five to ten years with amortization schedules of up to 30 years, loan-to-value ratios of up to 75% (selectively 80%) and with competitive pricing. “Basis will deliver as promised. In these unstable times, sponsors need certainty of execution. Basis is a relationship lender that actually thinks outside of the box,” said Basis President, Tammy Jones. “As equity owners, we truly understand the financing needs of our borrowers. We are nimble and our process is swift. We are lenders that you can count on,” said Morris Bailey, Chairman of JEMB Realty. Basis is a multi-strategy commercial real estate finance platform that is flexible, creative and responsive to market conditions. Our goal is to deploy capital in the commercial real estate debt and equity markets and, where attractive, to opportunistically invest side by side with our partners and clients. Basis is comprised of an experienced team of senior managers, the core of whom have previously worked together in commercial real estate industry and have originated, securitized and sold in excess of $30 billion of commercial real estate loans over the last decade.
For more information on the program, please contact Kunle Shoyombo, Chief Investment Officer at (212) 842-5713 or go to www.basisinvgroup.com.