Business Services Industry
Bear, Stearns Commercial Mortgage, Inc
Real Estate Weekly, April 5, 2000
Bear, Stearns Commercial Mortgage, Inc., the commercial mortgage subsidiary of Bear Stearns & Co., funded a three-year, $31.5 million floating rate interim loan on the Times Square Marriott Courtyard Hotel. The hotel has been opened for just over one year and is located on West 40th Street near Bryant Park in Midtown Manhattan. The loan was made under BSCMI's new floating rate, interim program that is designed to hold loans in portfolio. BSCMI is aggressively promoting its floating rate products.
The interim program is designed for borrowers who wish to have flexible, short term debt in order to take advantage of changes in market conditions, anticipated lower Libor interest rates and increased improvements in cash flows prior to permanent financing.
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