Balboa Financial closes nearly $100 million of condo conversion financing ranging from 92.5% to 98% LTC.

October 28, 2005 (PRLEAP.COM) Business News
PHOENIX, AZ
$15,000,000 First Mortgage
$5,900,000 Second TD
Closed: October 2005

Balboa Financial arranged the first and mezzanine financing to acquire the property and convert the units to condominiums. The property is an 80 unit apartment complex located in the Camelback Corridor of Phoenix, AZ. The $15 million first was priced in the low 300s over 90 day LIBOR and the $5.9 million nonparticipating mezzanine loan at 97.4% LTC were each nonrecourse loans.

PHOENIX, AZ
$28,250,000 First Mortgage
$7,700,000 Second Mortgage

Balboa Financial arranged the first and mezzanine financing to acquire and convert the 155 unit apartment complex, located in the Midtown area of Phoenix, to condominiums. The first mortgage was priced in the low 300s over 90 day LIBOR and the mezzanine loan was nonparticipating at 98% of the capital structure.

DOWNTOWN SAN DIEGO, CA
$37,200,000 First Mortgage

Balboa Financial arranged the 92.5% first mortgage to acquire and convert this 103 unit property, located in the Gaslamp Quarter of Downtown San Diego, to loft condominiums. The nonrecourse first mortgage was effectively priced in the mid-400s over LIBOR.

In addition to the above three transactions, Balboa Financial has arranged four other condo conversion transactions in the second and third quarters of 2005.

Scott Duntley, President of Balboa Financial, may be reached at 949-723-7007 and the company's web site is www.Balboafinancial.com.