Countrywide closes 5 NY loans.

American Real Estate Management Associates LLC announced it has closed five loans totaling over $30 million with Countrywide Commercial Real Estate Finance for the refinance of five self-storage properties in and around New York City. All properties are located in prime areas where there is sufficient

A $9 million dollar fixed rate loan to American Self-Storage Staten Island LLC for the mixed use building located at 330 Tompkins Ave, Staten Island, NY. This 280,000 s/f converted warehouse opened as a self storage facility in 2003 giving the American Self-Storage brand a holding in all five boroughs. This facility is located in the Rosebank section proximate to the Verrazano Bridge and the Staten Island Ferry. This project has enjoyed steady growth over the past four years. Today, after multiple phases of conversion and up fit, over 1,200 storage tenants are renting space.

A $6.4 million dollar fixed rate loan to 122 Peter Street LLC for the self storage facility located at 3322 Hudson Ave, Union City, NJ. Entrenched within medium and high density residential areas this 100,000 s/f warehouse conversion is an excellent location for self storage. Opened for business in 1997, the sloped site provides convenient ground floor loading to multiple levels. The facility is mature with stable occupancy.

A $5.5 million dollar fixed rate loan to Baldwin Equities LLC for the self storage facility located at 190 Baldwin Ave, Jersey City, NJ. Located steps from Journal Square, the legislative, commercial and transportation hub of Jersey City, this 70,000 s/f warehouse conversion opened in 1999 and filled to optimum occupancy rapidly.

A $4.9 million dollar fixed rate loan to McCarter Highway Associates LLC for the self storage facility located at 1363 McCarter Highway, Newark, NJ. This 100,000 s/f facility is located just north of Interstate 280 on State Route 21, a major north-south corridor through downtown Newark connecting Interstate 78, and US 1 & 9 to Interstate 280 and State Route 3. This 1999 warehouse conversion is a mature self storage property poised to enjoy the long term benefits of Newark's continuing Renaissance.

And a $4.5 million dollar fixed rate loan to Coles Street Corp for the self storage facility at 315 Coles Street, Jersey City, NJ. This 50,000 s/f building is located near Newport Centre, the Holland Tunnel and Jersey City's northern border with Hoboken. The facility is well established and has enjoyed 90% occupancy levels. It includes indoor and outdoor self storage, multiple loadings docks and modern security.

"Countrywide's focus, effort and determination in understanding, underwriting, closing and funding these loans never wavered with the changing lending climate", said Warren Diamond, CEO of American Real Estate Management Associates LLC. "We've developed a high level of trust in Countrywide and are working towards closing an additional $200 million dollars on various larger holdings and development sites throughout the country."