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Issue Number 93, November 1, 1999
Commercial Mortgage Stories
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Commercial Mortgage Technology
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First Union Receives $29.6 Million Second Mortgage Financing
15% loan on 783,000 sq ft shopping mall in St. Cloud, Minnesota was obtained from General Growth Properties, Inc.
Individual.com October 29
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Prudential Originates $42.2 Million Loan for Santa Rosa Mall
Financing for Florida mall is converts from interim to permanent in 24 mths
BusinessWire.com October 27
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Capital Senior Living Corporation Reports 25 Percent Increase in Third Quarter 1999 Earnings
$27 million in construction financing for new communities brought total available for new properties to $54 million; $46 million in permanent financing was obtained to refinance five properties
StarTribune.com October 27
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Rising housing prices fuel condo conversions
324 unit Denver apartment complex purchased for $35 million to be converted and sold from $100,000 a piece
DenverPost.com October 26
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Prudential Funds $73.5 Million Multi-family Housing Loan With Cornerstone
The loan is secured by a portfolio of 10 apartment communities totaling 2,330 units located in Georgia, North Carolina and South Carolina
Individual.com October 26
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Ocwen Financial Corporation Opens National Servicing Center
125,000 sq' facility in Orlando, Florida will house approximately 900 employees
BusinessWire.com October 22
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Farmer Mac Reports 60 Percent Increase in Third Quarter Earnings
While earnings for the quarter were up 60 percent over third quarter 1998, loan purchases and guarantees fell significantly below second quarter levels, and delinquencies increased
PRNewswire.com October 21
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MuniMae Completes Acquisition of the Midland Companies
Company Now Manages $1.7 Billion of Multifamily Real Estate Debt & Equity Investments
Businesswire.com October 20
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Apex Mtge Group 'Disappointed' Impac Won't Form Committee
Apex has made a $75.4 million offer to acquire Impac, which in August agreed to be acquired by a division of Amresco for $60.1 million
WSJ.com October 18
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Imperial Credit Commercial Mortgage Investment Corp. Announces Expiration of 60-Day Market Check Period
None of the proposals received during the 60-day market check period was superior to the proposed merger transaction with ICII
CBSNews.com October 18
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GMAC Commercial Mortgage Provides $17 Million In Financing for Arizona Apartment Complex
Loan is at 7.85 percent & has a debt to service coverage of 74.7 and ltv of
1.25 percent
PRNewswire.com October 18
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Reilly Mortgage Group Arranges More Than $750 Million in Financing
Financing for Berkshire Realty Holdings, L.P. is structured into three investment tranches
NewsPage.com October 18
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AMLI Residential Sells Three Apartment Communities
Aggregate price for Chicago properties was $49.75 million
CBSNews.com October 18
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RioCan Real Estate Investment Trust Completes Acquisition Of Interest In Festival Hall
10 year mortgage for $46 million at an effective interest rate of approximately 6.3%
NewsPage.com October 15
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N.O. developer buys Standard buildings
Florentine Development Corp., a New Orleans company, paid $1.7 million for property to be used for condos & parking
NewOrleans.net October 14
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Abbey Company Closes on $85.2 Million Loan with J.P. Morgan
Loan is set at more than three-quarters of a point below the prime rate of 8.25 percent
CBSNews.com October 14
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MuniMae Provides $28 Million Financing Package to Multifamily Portfolio
The financing is part of a tax-exempt bond refunding of a portfolio of twelve apartment complexes totaling 2,942 units in Florida, Georgia, South Carolina, Indiana and Iowa
BusinessWire.com October 14
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CNL Provides $22.2 Million Financing for Quality Dining Inc
Orlando restaurant financing company provides financing for Burger King and Chili's Grill & Bar restaurants
BusinessWire.com October 13
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MBA Releases Annual Commercial Mortgage Production And Servicing Survey
Annual survey reports that the 27 firms surveyed originated $30.4 billion
MBAA.org October 11
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AMRESCO Securitizes $70 Million of SBA Loans
Loans originated under Small Business Administration (SBA) 7(a) program
AOL.com October 11
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Survey: Real Estate Leaders Now Identify Technology Revolution as Major Factor in Making Investment Decisions
Emerging Trends in Real Estate 2000(R)- the annual survey of the world's leading real estate experts
GO.com October 25
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Quicken.com to Offer Instant Online Loan Approvals for Small Businesses Through LoanWise
The Loan Wise service will act as the exclusive provider of small business loans and lines of credit on the Quicken.com site
NewsPage.com October 13
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CyberLoan Network Loan Application Volume Tops $700 Million in August, Nearly $3.6 Billion in First Eight Months
CBSNews.com October 1
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