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Recent commercial mortgage transactions

January 28, 2008


photo of Coco Salazar

A single commercial mortgage firm was responsible for all but one of the 10 commercial transactions tracked during the past five days.

The Lake Morton Apartments in Lakeland, Fla., collateralized an $0.8 million loan from StanCorp Mortgage Investors. Quad Two LLC agreed to repay the financing for the 33-unit multifamily property on a 10-year term with a 30-year amortization schedule, NorthMarq Capital Inc. announced.

A 10-year first mortgage for $6.3 million with 30-year amortization was secured by the Orleans Gardens, NorthMarq said. DuRhone Group LLC received the funds for the Atlanta, Ga., multifamily property of 140 units from Amerisphere Multifamily Finance.

photo of Three Lakes Apartments
Three Lakes Apartments

Freddie Mac made possible a $15.5 million acquisition loan for Three Lakes Apartments in Overland Park, Kan. The 278-unit multifamily property secured a 10-year term with a 30-year amortization schedule, Minnesota-based NorthMarq reported.

Multifamily activity was topped by another Freddie loan of $15.8 million that refinanced the Normandy Apartments. The 10-year loan for the 304-unit property in Madison, Wis., has a 30-year amortization schedule, NorthMarq said.

In commercial loan action for retail centers, Tuffy's Auto Center secured a 10-year loan of $0.9 million from Skymar Capital Corp. at a permanent fixed rate of 6.375 percent, 25-year amortization and 70 percent LTV, NorthMarq announced. The 4,980-square-foot auto service center is located in Riverview, Fla.

Lakewood Square in Denton, Texas, secured $1.5 million in first mortgage refinancing by JPMorgan Private Client Services. The property of 15,017 square feet secured a 10-year term with a 30-year amortization schedule, NorthMarq said.

Symetra Life Insurance Co. funded a $2.6 million first mortgage collateralized by a branch office of the Bank of Florida, NorthMarq reported. KB 19 LLC will pay the loan for the property of 9,510 square feet in Clearwater, Fla., on a 20-year term and amortization schedule.

Over in Dallas, Texas, the Delivery Limited Building served as collateral for a $4.2 million loan from Summit Investment Advisors, NorthMarq stated. Delivery Limited Ltd. will repay the 15-year loan of 68 percent LTV with 18-months interest only, then on a 20-year amortization schedule.

The 9600 Office Building in Coral Springs, Fla., secured a $1.0 million loan at a permanent fixed rate of 6.29 percent for 10 years and 25-year amortization, NorthMarq said. Summit Investment Partners provided the 54 percent LTV loan for the 35,396-square-foot building and home to Colonial Bank.

photo of Bank of Florida branch
Bank of Florida branch

Love Funding closed an $18.0 million loan non-recourse loan to finance the construction of Aviation Business Park, which will be a 121,000-square-foot office building in Glen Burnie, Md. The Missouri-based company noted it was able to provide the financing with higher leverage to Trammell Crow Co., despite that a non-recourse feature is difficult to attain for speculative buildings that do not have pre-leasing.

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

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