As published in The San Diego Daily Transcript, October 25, 2005

Tom Olson of Coldwell Banker Commercial Real Estate exclusively represented the seller in the Deal of the week. The buyer represented itself.

The deal was the sale of The Villages of La Mesa, a 384-unit apartment complex at 5606-5772 and 5609-5669 Amaya Drive in La Mesa for $84.5 million.

The buyer was LM Funding Corp.. The president of LM Funding is Bernard J. Angelo. LM Funding utilized ING Realty Partner as its equity partner. LM is managed by First Capella Properties LLC, c/o Capella, on High Bluff Drive in San Diego. The managing member of First Capella is VLM Associates LP, with Capella as its general partner. Chris McKellar is president of Capella.

The acquisition was financed with a loan of $85 million from HSN Norbank AG.

The seller of the property was ITEC Properties, a California general partnership with Terral Investment Company and Investors Leasing Corp. as the general partners. Terry Lingenfelder is president of Terral and Charles K. Fletcher Jr. is president of Investors Leasing.

The apartment complex was constructed in two phases in 1988 and 1999 and included a recorded condominium map. The units will be converted into condominiums by the new ownership.