Page 44: of Maritime Reporter Magazine (September 1978)

$4.5-Million Loan

For Northern Metals

Marine Terminal

General Electric Credit Corpo- ration has closed a $4.5-million interim first mortgage loan on the

Northern Metals Marine Termi- nal, a 40-acre port facility on the

Delaware River in Philadelphia,

Pa.

The 10-year loan is secured by a 184,000-square-foot dockside terminal, a 24,000-square-foot office building, and the rail- improved real estate.

The borrower is Northern As- sociates, a Pennsylvania partner- ship, which owns and operates the bulk cargo storage facility.

The mortgage was arranged by

GECC loan representative Ron

Macklin of the Bethesda, Md.,

Eastern States Real Estate Fi- nancing Office, through broker

Kevin Coady of J.R. Daly & Son,

Inc., New York, N.Y.

According to Mr. Macklin,

GECC's loan is based on the value of the complex as a general- purpose dockside warehouse fa- cility. "The continued growth of the

Port of Philadelphia, the market requirement for bulk cargo facil- ities, and the knockdown value of the complex all were taken into account in evaluating the loan,"

Mr. Macklin noted. "This philos- ophy, to appreciate the inherent real estate value in a special- purpose property, is part of

GECC's creative approach to fi- nancing."

The General Electric Company subsidiary has been active in real estate financing since 1969. It specializes in interim term first mortgages, second mortgages and wrap-around mortgages on a va- riety of income-producing prop- erty.

Robert Ivey Joins

Mississippi Marine

Towboat Corporation

Veteran shipbuilder Robert Ivey has been named to the newly cre- ated position of manager of repair services for Mississippi Marine

Towboat Corporation, Greenville,

Miss., according to MMTC presi- dent John Nichols.

Robert Ivey

Mr. Ivey is a Vicksburg, Miss., native, and comes to MMTC from

Zapata Offshore in Houston, Tex- as., where he served as construc- tion superintendent on offshore drilling rigs, including semisub- mersibles, drillships, jackups and platforms. During the five years he worked for Zapata, his respon- sibilities covered not only new construction, but also supervising the conversion of a 410-foot bulk ore carrier into a drillship with an 8-point mooring system capa- ble of drilling in 600 feet of wa- ter. His work included projects in foreign yards as well as numerous projects in U.S. shipyards.

Prior to working for Zapata,

Mr. Ivey was employed by Mara- thon LeTourneau in their Vicks- burg and Houston operations. Mr.

Ivey started with R.G. LeTour- neau in the early 1960s. While at

LeTourneau he worked in quality control, in the physical construc- tion of drilling rigs, in estimating, contract administration and in the movement of the rigs from the

Vicksburg construction site to

Belle Chasse, La., where the drill- ing units were completed and de- livered to the owners.

Mr. Ivey brings a large amount of experience in steel erection and planning to Mississippi Marine.

Mississippi Marine Towboat

Corporation, founded in the mid- 1960s, specializes in all phases of marine construction and repair.

The firm employs 80 people, and is located on the Greenville har- bor front.

CAYMAN ENERGY, Ltd.^

LARGEST "SHIP TO SHIP"

OPERATORS IN CARIBBEAN.

Transfers taking place off Little Cayman Island and Cayman Brae B.W.I.

Most beneficial location with direct shuttle tanker routes to all U.S. Gulf and East Coast Ports.

Weather conditions ideal, equipment and facilities the finest together with experienced and reliable personnel. Every emphasis is placed on extremely quick vessel turnaround, from ULCC's, VLCC's, etc. to the shuttle vessels. Safe anchoring areas off both

Islands. "SAFETY AND FAST TURN AROUND

OUR TRADEMARK"

Oil Terminal completion to be announced in near future.

Agents for CAYMAN ENERGY, Ltd.:

TRANSPORTATION CONCEPTS & TECHNIQUES, INC. 551 Fifth Avenue

New York, N.Y. 10017

Telex #640048—AMES GROUP NYK

Telephone: 212-490-3233 'Galveston 'corpus CWSTI urrLt^l

CAVMAJ; ISLAKC

JAMAICA MEXICO

HONDURAS

COLOMBIA • LAUNCHWAYS FOR 100' WIDE UNITS * • 500' BERTH FOR 20' DRAFT VESSELS • * FOR SALE * 120' to 180' Stock Deck Barges

TELEPHONE: (813) 837-8522 5353 TYSON AVE.

P.O. BOX 13625

TAMPA, FLA. 33681

PACMAR

Full Followup Proportional

Pacific Marine Products, Inc.

P.O. Box 11

Kenmore,WA 98028 (206)789-0660

New Construction Vessel Repair 46 Maritime Reporter/Engineering News