$3,300,000
First Mortgage
Woodland South
Apartments
Cape Elizabeth, Maine

Suburban Capital Markets, Inc. announced today that it wrote a first mortgage loan to Cape Venture LLC, a Maine entity. Cape Venture LLC is a single asset entity wholly owned by Commercial Properties, Inc. of Portland, ME. The loan proceeds were used to refinance the existing debt on the Woodland South Apartments in Cape Elizabeth, Maine.

The loan, which was subsequently sold for securitization, is a fixed-rate non-recourse mortgage with a 10-year maturity and a 30-year amortization.

Woodland South Apartments is a 54-unit garden style apartment complex housed in six three-story buildings on 9.7 acres located at 60 Woodland Road in Cape Elizabeth, Maine . The property was built in 1970 and has been modernized throughout the years. The property offers both one- and two-bedroom units and is 96% occupied. Woodland South is well located less than one mile east of the Atlantic Ocean, about four miles from the central business district of Portland, Maine in Cumberland County . The Portland area is well served by an extensive transportation network as well as the Portland International Jetport.