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Direct.Com
Commercial Real Estate
September 27, 2006
CMBS Deal Includes Summer Camp Mortgage
An upcoming CMBS transaction, includes part of a mortgage on a portfolio of campgrounds in New England, New York and Michigan.
The financing could very well mark the first time that a mortgage backed by a group of summer camps has ever been
securitized through the CMBS market.
The nine properties are owned by single-purpose entities affiliated with CampGroup LLC of White Plains, N.Y., the country's
largest operator of for-profit summer camps. They are master leased to CampGroup.
All but one of the collateral camps are resident camps, meaning kids stay there overnight. The other, Camp Ramaquois in Pomona,
N.Y., is a day camp. Each camp is on a lake and offers activities that include canoeing, hiking, fishing, horseback riding,
swimming and golf. They typically offer four-to seven-week sessions. But two camps in the portfolio only have a two-week sessions.
Over the past few years, the properties have seen an increase in enrollment and, according to Moody's Investors Service's
pre-sale synopsis; have "demonstrated resilience to general economic downturns." It added that enrollment levels have not
been price sensitive. Given that the United States is home to 12,000 camps that generate up to$12 billion of revenue annually,
the loan might not be the last to be securitized.
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