Multimillion-dollar property owner and landlord Ely Del Carmen recently took out a loan of $24 million against Del Carmen assets.
According to documents filed on Oct. 11 2004 with the Department of Land Management Del Carmen through Del Carmen Investments LLC entered into a mortgage with USBS Real Estate Investments Inc. based in New York a division of The IRA Network LLC which provides venture capital among other services.
Peter R. Sgro Jr. president and chairman of International Group Inc. and senior financial advisor said his company brokered the deal.
Sgro also brokered a February 2004 $27 million loan for Calvo Finance LLC formerly Calvo Finance Corp. That loan was funded by CDC Mortgage Capital Inc. of New York a division of CDC IXIS of Paris France; and was used for refinancing and injection of capital for Calvo Finance LLC. (See “BriefCase ” in the Feb. 8 2004 edition of the Journal.)
Typically Sgro helps his clients refinance mortgages to reduce debt service payments.
Del Carmen Investments listed several assets as collateral for the $24 million loan. The list included the Cinema Apartments EDC Apartments Elyza Apartments Harmon Villa Gardens Oceanview Apartments Sunrise Apartments Perez Garden Homes Villa Rosario Condominium and DelMar Condomin-iums all situated in the village of Dededo. The list also included Villa Del Carmen Apart-ments in Yona Double D Farenholt Condo-minium and Sunrise D Condominium in Tamuning Marianas Terrace Homes in the village of Yigo and Hafa Adai Exchange in the village of Tamuning.
As part of the mortgage agreement all of these properties could be sold should Del Carmen default on the loan. “Upon the Event of Default Lender is hereby empowered to sell and convey said mortgaged property at any time after such Event of Default ” the document stated.
The District Court of Guam on March 11 approved the sale of the Victory Chapel building to Del Carmen for $176 000 (See “Bankruptcy bidder’s prayer answered with Victory Chapel ” in the March 21 issue of the Journal.). The building in Dededo was on the market as a result of the Ada’s Inc. Chapter 11 bankruptcy and had been leased to ConRos Inc. of which Del Carmen is majority shareholder. MBJ