Aspen Launches Brownfield Loan Program

[Tony Chenhansa <tonyc@cpeo.org>]

For more information please contact Rick Mandell at 970-927-3666

http://www.ire-net.com/newsarc/mar99/031199.html
Aspen Launches Brownfield Loan Program

3/11/99

Aspen Portfolio Strategies Inc. has teamed up with an unidentified
pension fund investor to place loans on environmentally challenged
properties, known as "brownfields." The pension fund has committed $100
million to the program, which will place loans on industrial, office and
grocery-anchored retail centers in the top 75 markets nationwide.

The minimum loan amount for a portfolio of properties is $20 million,
with a maximum loan-to-value of 70 percent. Fixed rate pricing can be
fixed at application with a 1 percent deposit and takeouts are
available, if needed. Loans will range from seven to 10 years, with a
maximum 25-year amortization. The environmental condition of the
property must be characterized and must have a remedial action plan in
place. Rick Mandell is the contact at Aspen; he can be reached at
970-927-3666.



--

[EFFECTIVE IMMEDIATELY: CPEO'S PHONE NUMBER HAS CHANGED
TO 415-405-7751. OUR FAX NUMBER IS STILL THE SAME]

Tony Chenhansa,  Program Coordinator
Center for Public Environmental Oversight (CPEO)
425 Market Street 2nd Floor, San Francisco, CA  94105
ph: 415-405-7751 fx: 415-904-7765
e-mail: tonyc@cpeo.org
http://www.cpeo.org

A program of the San Francisco Urban Institute