Recent commercial mortgage activity tracked by MortgageDaily.com was trumped by financing for a high-rise office building in New York, though a luxury high-rise in Dallas also secured a loan for more than $100 million.
But first, Meridian Capital Group announced $5.2 million in financing it arranged for the Haldeman Manor Apartments, a 91-unit multifamily property in Philadelphia. The loan has a 10-year term and 5.67 percent interest rate.
Meridian also reportedly arranged a $7.5 million loan for Orchard Drive Estates, a 264-unit complex in Whitehall, Penn, for Duchess Consultants. The 10-year loan has a 5.6 percent rate.
Capmark Finance Inc. announced it provided $11.0 million in 6.02 percent fixed-rate, interim financing for the acquisition and rehabilitation of Century Valley Apartments, a 270-unit property in Birmingham, Ala. The 3-year, non-recourse loan issued to CV Apartments LLC is 85 percent of the total project cost and has interest-only payments.
Nationwide issued to Watson Street Group LLC a $7.4 million loan secured by the Watson Street Retail in McLean, Va. Dunkin Donuts is one of the main tenants of the 17,004-square-foot center, Minnesota-based NorthMarq announced
A first mortgage of $10.0 million was secured by a 43,000-square-foot shopping center in Haledon, N.J., anchored by a small supermarket, NorthMarq Capital Inc. reported.
Holliday also said it arranged $163.5 million in acquisition and pre-development financing for a 1.1 million square foot condominium interest in 375 Pearl Street located in downtown Manhattan, N.Y. The adjustable-rate, first mortgage and mezzanine financing was placed with Apollo Real Estate Advisors LP and M&T Bank.
Dewart Art and Business Center
|Office deals included a transaction for the Dewart Art and Business Center over in New London, Conn. The $1.8 million loan was provided by StanCorp Mortgage Investors LLC, Minnesota-based NorthMarq said. 300 State LLC agreed to repay the acquisition financing for the 40,500-square-foot office building on a 25-year term with a 25-year amortization schedule.
StanCorp also funded a $2.2 million loan secured by the 160,000-square-foot LaBamba Office/Warehouse in Miami, Fla., according to an announcement by Thomas D. Wood and Co. The 10-year fixed-rate loan of 6.5 percent has a 25-year amortization schedule and 75 percent loan-to-value.
In Milwaukee, Wis., a 506,195-square-foot, Class A office building collateralized a $71.3 million, 123-month, fixed-rate loan for Eaton Vance Management from Principal Global Investors, according to Holliday Fenoglio Fowler LP.
The Sleep Inn Palm Coast secured $3.9 million and the Suburban Extended Stay Lakeland collateralized $4.1 million in financing, Thomas reported. The fixed rate for both the 78-room Palm Coast and 138-room Lakeland, Fla., properties is 7.0% with a 5-year term, a 30-year amortization, and a 70 percent LTV.
Love said it also funded $22.0 million for the non-profit Geer Senior Housing Complex through an 87 percent LTV, 35-year, self-amortizing, non-recourse, fixed-rate loan. The complex consists of the Geer Skilled Nursing and Rehabilitation Center and the 118-unit assisted living facility Geer Woods, both located in Canaan, Conn.
|A non-recourse construction loan of $114.4 million was secured by The Tower Residences at the Ritz-Carlton in Dallas, Texas. Phase II of the Ritz-Carlton luxury hotel and condominium development is due for completion in 2009 and will consist of a 23-floor tower with 96 units and four exclusive townhomes, according to Holliday, a subsidiary of Pennsylvania-based HFF Inc.
The Woodlawn Meadows, an assisted living and memory care facility of 154,202 square feet in Hastings, Mich., collateralized $3.0 million at a fixed rate of 6.1 percent and a 35-year amortization, St. Louis, Mo.-based Love Funding announced.
Aviva Capital Management issued to Shorewood Property Investments a $1.9 million loan secured by a 62,450-square-foot property in Elgin, Ill., NorthMarq reported. Financing was based on a 10-year term with a 20-year amortization schedule.
The 284,000-square-foot Czarnowski Distribution Center in Atlanta, Ga., secured $6.4 million in financing at a fixed rate of 6.50 percent for 10 years, amortization of 30 years and LTV of 75 percent, Thomas said.