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Retail Tops Commercial Deals

Recent commercial mortgage activity

January 23, 2008


photo of Coco Salazar

Around $417 million in recent commercial mortgages were tracked by MortgageDaily.com. Among the latest activity was $171 million in retail financing, $107 million in office deals and $66 million in multifamily loans.

Over in Morton, Ill., the Cape Cod Village Apartments secured a supplemental loan of $1.6 million, Minnesota-based NorthMarq Capital Inc. said. The Freddie Mac loan of 27-years and 30-year amortization for the 200-unit property was used by Stewart Properties to capture some equity on a 30-year full pay first mortgage of $10.4 million done in 2005.

AmeriSphere Multifamily Finance issued a $4.2 million first mortgage secured by the Heritage Crest, NorthMarq said. Heritage Crest LLC agreed to an interest-only 10-year term for the Anaheim, Calif., multifamily property of 44 units.

AmeriSphere also provided a $4.5 million loan to Premier Meadow View LLC for the Meadow View Apartments, a 104-unit property in Beaver Dam, Wis. The 10-year loan has a 30 year amortization schedule, NorthMarq said.

A 10-year fixed-rate, non-recourse loan of $8.3 million, and 80% loan-to-value, was secured by the 216-unit Chamberlayne Apartments in Richmond, Va., and provided by AmeriSphere, NorthMarq said.

GE Real Estate announced Monday the funding of a $13.6 million, five-year loan for Haley Associates L.P., owner of a 254-unit, multifamily property in the St. Louis, Mo., area. The on-book fixed-rate loan refinanced existing debt on the recently renovated property, while providing the borrower ability to expand financing based on future performance metrics.

Seven multifamily properties secured a refinance loan of $33.5 million at a rate at sub 5.5 percent over a 10-year, interest-only term, Meridian Capital Group announced. The complexes, totaling 145 units, are located in Class A locations in Los Angeles, and West and North Hollywood, Calif.

A New York City condominium unit in Trump Park Avenue was acquired through an interest-only loan of $6.6 million, New York-based brokerage GNS Funding Corp. announced.

314 Miracle Mile, a retail building of 2,076 square feet in Coral Gables, Fla., secured $1.1 million at a permanent fixed rate of 6.6% for a 25-year term and 25-year amortization. The loan-to-value is 75 percent, Thomas D. Wood and Co. said of the StanCorp Mortgage Investors-funded loan.

Indiana-based Midwest Capital Corp. said it provided nearly $1.1 million in financing for the $1.2 million purchase of a new and expanded facility for Noblesville Honda Kawasaki. The SBA 504 loan for the motorcycle center has a 25-year amortization schedule.

phot of Elleven Center
Elleven Center Retail

Mount Auburn Partners LLC received a 5-year first mortgage of $1.1 million, with 30-year amortization, collateralized by Elleven Center Retail, NorthMarq reported. The 5,115 square-foot center is the ground floor retail component within a 13-story residential condominium development in Los Angeles and houses a Starbucks.

NorthMarq said it arranged a $1.8 million construction loan secured by a drug store in upstate New York.

The Ohio National Life Insurance Co. funded a $2.8 million first mortgage secured by Riverside Plaza Shopping Center in Prairie du Chien, Wis., NorthMarq said. Riverside Plaza Limited Partnership agreed to a 13-year term and amortization for the property of 127,493 square feet.

Over in St. Louis, Mo., Ballwin Walgreens collateralized a $5.8 million fixed-rate first mortgage, NorthMarq announced. Pace Properties received the funds for the retail property of 14,495 square feet from John Hancock Life Insurance Company. The 25-year full-pay loan, with an amortization schedule of 25 years, included a 6-month forward commitment.

An $8.0 million loan was secured by the Mill Towne Center, an retail facility of 82,187 square feet in Tempe, Ariz., NorthMarq said. The 10-year loan with a 30-year amortization schedule was funded by Artesia Mortgage Capital Corp.

Four Walgreens retail stores secured $12.2 million in first mortgage financing based on an interest-only, 10-year term, NorthMarq said. The properties were in Cary, N.C., and Parker, Thornton and Ft. Collins, Colo.

Retail and office property Magnolia Square secured a 12-year first mortgage of $22.0 million, with a 30-year amortization schedule, provided by The Guardian Life Insurance Company of America. NorthMarq said the Naples, Fla., center of 131,500 square feet houses a First Financial and National City Bank.

Principal Global Investors provided a $22.3 million in financing secured by secured for Rock Creek Village, a 103,280-square-foot shopping center anchored by grocer Safeway and CVS, with an Exxon Mobil gas station outparcel, Holliday announced. Carl M. Freeman Cos. agreed to repay the loan for the Rockville, Md., property at a fixed rate of 6.5 percent.

Southbury Plaza collateralized $26.0 million from Sun Life Assurance Co. The Southbury, Conn., retail plaza of 300,000 square feet is anchored by K-Mart and Borders Books, NorthMarq said.

Carl M. Freeman additionally received from Principal a $67.0 million loan, also at a 6.5 percent fixed-rate, for Cabin John Shopping Center and Cabin John Mall in Potomac, Md. The shopping center has 116,728 square feet of retail space and 17,007 square feet of office space, while the enclosed mall has 42,705 square feet of office space and 40,301 square feet of retail space housing a CVS and Shell gas station, among other tenants.

NorthMarq announced it recently completed the $1.1 million refinance of a first-class, corporate headquarters within the Morris County market of northern New Jersey.

An office/retail building in Concord, N.C., secured a much smaller loan of $1.9 million, NorthMarq reported. Jordan Brown Properties I LLC will repay the loan for the 35,322-square-foot Belk Building on a 25-year term with a 25-year amortization schedule to StanCorp Mortgage Investors LLC.

A class A suburban office building in Rochester, N.Y., reportedly secured $7.3 million from NorthMarq's correspondent life insurance company.

West Belt Business Park collateralized a 5-year loan of $11.8 million by AIG Global Finance, with interest only for one year then a 30-year amortization schedule. Insite West Belt L.P. was the borrower of the loan on the Houston, Texas, industrial property of 259,945 square feet.

Wachovia Bank and Guaranty Bank provided construction financing of $85.0 million secured by the Energy Tower II, an office building of 428,979 square feet in Houston. I-10 Energy Investments Ltd. received the funding based on an interest-only, 36-month term with two 12-month extension options, NorthMarq said.

Innisfree Hotels Inc. was reportedly able to refinance its Hilton Pensacola Beach Gulf Front Hotel through a $49.8 million loan funded by GE Real Estate. The Florida hotel was recently expanded to a total 273 units.

In Houston, All Points Industrial Building collateralized 10-year financing of $1.5 million, with a 25-year amortization schedule, NorthMarq said. Symetra Life Insurance Co. provided the loan to Bent Oak Drive Ltd for the 36,000-square-foot home of All Points Moving & Storage.

An industrial space in Buffalo, N.Y., found financing of $1.6 million through NorthMarq, according to a news release.

Business Partners funded a first mortgage of $2.1 million for a 66,834-square-foot industrial building in Plant City, Fla., NorthMarq said. PC Properties will repay the 5-year financing with a 30-year amortization schedule.

photo of Energy Tower II
Energy Tower II

Units five to 10 of Doral Commercial Park secured $4.8 million at a fixed-rate of 6.5 percent, under a loan term and amortization schedule of 25 years, Thomas D. Wood and Co. announced, adding that its correspondent lender StanCorp Mortgage Investors provided the funding. The six industrial warehouse condominiums in Doral, Fla., total 51,200 square-feet. The loan-to-value is 75 percent.

An industrial property of 56,190 square feet in Anaheim Hills, Calif., secured a $4.9 million acquisition loan, Holliday Fenoglio Fowler L.P. said. First Choice Bank funded the 1-year adjustable-rate mortgage for RMS Empire Anaheim LLC.

The 198-space Keller RV Park in Keller, Texas, found a 15-year first mortgage of $1.4 million, with 30-year amortization, through NorthMarq, which said the funds were possible through Government Personnel Mutual Life Insurance Co.

Meridian Bank Texas provided an un-secured loan of $0.7 million for the acquisition of El Paso Hospital. Southwest Verity Capital received financing for the 56,000-square-foot hospital based on a 1-year term, NorthMarq said.

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

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