"This acquisition was under extreme time constraints", said Nick Massad, President of American Liberty Hospitality.  "The loan had to close by September 30, 1999; otherwise, we would have lost the deal.  This is the sixth loan closed for us by Steve Wax and Jim Cunningham, and the first closed for us within their new company, Capstone Realty Funding."

"While we could have gone directly to any number of hospitality lenders", said Massad, "and any number of mortgage brokerage or mortgage banking firms could have arranged a loan for us, what distinguishes Capstone Realty Funding is their ability to manage and oversee all aspects of the lending process, including third party reports, underwriting, legal, closing and franchiser approval.  Capstone Realty Funding provided us with the industry specific expertise to work directly with the funding source, and to have far more input and control than we could ever have achieved alone.  This was a complicated transaction.  I do not believe we could have met the time limitations without their direct involvement in all aspects of the closing and funding process."

Capstone Realty Funding is a full service financial consultant to the Hospitality industry, providing both conduit and portfolio lending programs, as well as bridge and mezzanine financing.  Steve Wax, James A. Cunningham and Lee Moser formerly managed the hospitality finance group for a large conduit lender, and have been actively involved in all aspects of hospitality and real estate finance since the earliest days of the securitized lending industry.  They may be reached in Boulder, Colorado at 303-415-2049.