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Commercial Mortgage Bonanza

Recent commercial mortgage activity

January 15, 2008


photo of Coco Salazar

Commercial mortgage brokers and lenders have recently been busy with mortgages on multifamily, retail and office properties. Still, industrial properties and one land deal also found financing.

But first, Alpine Village and Alpine Grove Apartments, two multifamily communities totaling 68 units in Austin, Texas, received a $1.8 million loan from Washington Mutual. Seamless Development Inc. agreed to a fixed rate of 5.99 percent for the three-year loan, Holliday Fenoglio Fowler L.P. announced.

Over in Oak Harbor, Wash., the Cove Apartments found a 10-year $1.9 million Fannie Mae loan through Arbor Commercial Funding LLC, which said the 52-unit complex secured a rate 6.45 percent and amortization schedule of 30 years.

Prudential Mortgage Capital Co. announced it closed a three-year, fixed-rate bridge loan of $19.5 million secured by the Mountain Crest Apartments in Denver, Colo. The 390 units of the garden-style complex are spread over 15 three-story buildings.

A portfolio of six apartment complexes in Florida indirectly secured a $20.0 million mezzanine loan acquired by Concord Debt Holdings LLC. The company said the loan, obtained at a discount based on yield to maturity of 12 percent, bears interest at LIBOR plus 1.23 percent and is scheduled to mature on June 29, 2009, subject to three one-year extension terms.

In retail financing, Commercial Finance Advisors announced it closed three commercial loans for a borrower totaling $1.7 million at a rate of 7.4 percent. The refinance loans secured by a Kentucky Fried Chicken in Alabama and Captain D's in South Carolina and Texas resulted in cash flow savings of over 20 percent and extended the fixed period to 10 years amortized over 25 years. The loan-to-value was 60 percent on all three locations, with a combined debt coverage ratio of 1.38.

Summit Investment Partners recently funded $2.5 million for Ecor Rouge Shopping Center in Fairhope, Ala., consisting of an original loan of $1.9 million and an advance of nearly $0.6 million at a blended rate of 6 percent. The permanent loan for the 62,020-square-foot retail center and home to Food World has a 20-year term, 20-year amortization, and a LTV of 71 percent, Thomas D. Wood and Co. announced.

Three separate permanent loans of over $4.0 million each were secured by three retail showroom facilities that each measured 50,000 square feet in Indiana, southern Tennessee and Forth Worth, Texas, NorthMarq reported.

A 43,000-square-foot shopping center in Haledon, N.J., collateralized a $4.0 million first mortgage, NorthMarq Capital Inc. announced.

Meanwhile, another retail showroom facility of the same size in eastern Tennessee secured a $4.4 million permanent loan, NorthMarq added.

A $12.4 million financing secured by the development of Crystal Beach Plaza in Palm Harbor, Fla., was issued at rate of 30-day LIBOR plus 200 basis points. The interest-only construction loan for the 59,000-square-foot retail center has a 24-month term and a loan-to-value of 75 percent, Thomas D. Wood announced.

Southport Plaza and Centre East Shops, two retail centers in Indianapolis, Ind., secured a 10-year refinance loan of $15.2 million securitized through Nationwide Life Insurance Co. Southport Plaza's 85,062 square feet include a Borders, Petco and Linens N' Things, while the other property is shadow-anchored by a Wal-Mart Supercenter and a Sam's Club and its 8,250 square feet of retail space are fully leased.

AEGON USA Realty Advisors Inc. funded a 10-year fixed-rate $21.5 million first mortgage loan at 5.95 percent with 30-year amortization collateralized by the Golden Triangle Shopping Center in Lancaster, Pa., property owner Cedar Shopping Centers Inc. announced. The financing replaced an $8.9 million first mortgage loan bearing interest at 7.39%, due April 2008. The redeveloped center of 203,000 square feet is anchored by L.A. Fitness, Marshalls and Staples.

In office financing, the CrossCreek development in Bixby, Okla., found a $6.0 million financing for its recapitalization through Meridian Capital Group. The loan for the 112,100-square-foot property, which contains 96 flex storage and office tenants as well as 10 retail tenants, has a rate of 6.36 percent over a 10-year, fixed-rate term with one year interest only, the New York-based brokerage said.

photo of Webster Retail property
photo of Webster Retail

Countrywide Commercial Real Estate Finance provided a $13.5 million first mortgage for WCP I LLC secured by Webster Retail, a mixed-use property in San Francisco containing 34,067 square feet of retail and 20,549 square feet of office space. Blockbuster Video is a major tenants of the property, which secured a 10-year term with a 35-year amortization schedule on the loan, NorthMarq announced.

Over in Manalapan, N.J., an office building of 75,000 square feet collateralized a 10-year fixed-rate mortgage of $7.0 million, NorthMarq announced.

Concord said it acquired a $26.0 million junior participation interest in a $130 million mortgage loan secured by an office property in Greenwich, Conn., at a discount of about 287 basis points and match term financing through the loan's maturity and all of its extensions at a 65% loan to value ratio at a rate of LIBOR plus 1 percent. Interest on the participation is payable at a rate of LIBOR plus 2.85 percent and the mortgage loan is scheduled to mature on March 9, 2009, subject to three one-year extension terms.

Apollo Real Estate Advisors LP and M&T Bank provided an adjustable-rate $163.5 million acquisition and pre-development loan for a condominium interest of nearly 1.1 million square feet in Manhattan. A joint venture between Tacomic Investment Parnters LLC and Square Mile Capital LLC borrowed the loan for the 32-story property built in 1975 for Verizon, which post-closing will leaseback three floors of the building for its operations, and that will be redeveloped into multi-tenant office space, Holliday Fenoglio Fowler L.P. announced.

Among hotels financed, the Best Western Hacienda Old Town in San Diego, Calif., secured a $31.0 million refinance loan provided by Prudential Mortgage. The 10-year fixed-rate loan for the eight-building hotel complex of 199 units has a 30-year amortization, the commercial lending arm of New Jersey-based Prudential Financial Inc. announced.

Ashford Hospitality Trust Inc. announced that the $67.8 million sale of the JW Marriott New Orleans resulted in a $43.9 million first mortgage at an 8.08 percent interest rate.

A $71.5 million mezzanine loan secured indirectly by the Sofitel Hotel in New York was acquired by Concord at an approximately 195-BPS discount, with match term financing through the loan's maturity and all of its extensions at an 85% loan-to-value ratio at a rate of LIBOR plus 1 percent. the mezzanine loans bears interest at LIBOR plus 1.85 percent and matures Feb. 1, 2009, subject to three one-year extension terms, according to Concord.

Industrial deals included permanent financing of $2.5 million secured by a 50,257-square-foot industrial building in Denver, Colo., that consists of 15 percent office finish, NorthMarq reported.

A 40,500-square-foot industrial building in Oakland, N.J., secured a $3.4 million refinance loan, with a 10-year fixed-rate with three years interest only, NorthMarq said, noting one of its Wall Street lenders provided the loan.

A $9.2 million first mortgage was secured by a 225,425-square-foot industrial building built on a 225,425-square-foot industrial building built on speculation in South Brunswick, New Jersey.

A newly-constructed distribution warehouse facility of 600,000 square feet in the Denver area collateralized a $25.0 million permanent loan, NorthMarq announced.

EastGroup Properties has executed an application for a $78.0 million, non-recourse first mortgage secured by properties containing 1.6 million square feet. The seven-year loan, expected to close in March, will have a fixed-rate of 5.50 percent and amortization of 20 years, according to the equity real estate investment trust.

Metro Funding Corp. announced its last two hard money bridge fundings for 2007 consisted of $1.2 million secured by approximately 14 acres of commercially-zoned land lots in Shawnee, Okla., and $2.6 million for the refinance and improvement of a 30-room historic Bed and Breakfast in Lenox Village, Mass.

Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

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