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Offices & Apartment Deals Arranged

Recent commercial mortgage transactions

February 1, 2008

By COCO SALAZAR


photo of Coco Salazar

Among the latest commercial mortgage loans tracked by MortgageDaily.com were $150 million in multifamily mortgages and $132 million in loans secured by office buildings. In addition, a Canadian company financed a New York industrial property.

The Oak Tree Apartments in New Orleans, La., secured a $1.6 million loan, Arbor Commercial Funding LLC announced. The 10-year loan to acquire the 24-unit complex amortizes on a 30-year schedule and carries a note rate of 6.31 percent.

A $2.1 million loan to acquire the 58-unit Vista Circle Apartments in Ithaca, N.Y., was reportedly made possible through Arbor. The 10-year loan has a 30-year amortization ,with a five-year interest-only term and a note rate of 6.55 percent.

Uniondale, N.Y.-based Arbor also announced the closing of a $3.4 million loan to acquire the University Crest Apartments, a 105-unit property in Austin, Texas. The 10-year loan amortizes on a 30-year schedule and has a note rate of 6.39 percent.

Capmark Finance Inc. announced it originated $10.0 million loan for the acquisition of Stone Crossing Apartments, a Huntsville, Ala., multifamily property of 17 two- and three-story buildings containing 276 units. The 80 percent loan-to-value loan has a nine-year term, 30-year amortization, and fixed rate of 5.78 percent.

photo of Province @ Briarcliff
Province @ Briarcliff

Briar Cliff Apartment homes received a Freddie Mac loan of $11.6 million for Province @ Briarcliff, a 120-unit multifamily property in Kansas City, Mo., NorthMarq Capital Inc. said. The 10-year loan has a 30-year amortization schedule.

Reserve at Bossier City Apartments collateralized a $27.0 million loan of 10 years with a fixed rate of 5.66 percent. The 80 percent loan-to-value financing for the Bossier City, La., has 30-year amortization and interest-only payments for the first five years, Capmark said.

Over in Austin, Texas, two multifamily properties secured $35.4 million in 5.83 percent fixed-rate, permanent refinancing of seven years with interest-only payments, Capmark said. The 300-unit Arrow Wood Apartments secured $20.1 million of the financing and the 154-unit Enclave Apartments the remaining $15.3 million.

Cunningham Heights Apartments in Queens Village, N.Y., served as collateral for a $58.8 million first mortgage financing. The Freddie Mac loan for the 1,056-unit multifamily property was based on a 10-year term plus a 1-year extension with a 30-year amortization schedule, Minnesota-based NorthMarq said.

Among office properties, in Chicago, Ill., Interpark Corporate Center served as collateral for a $15.3 million loan based on a 7-year term with a 30-year amortization schedule, NorthMarq said. JCF Real Estate received the financing for the 164,447-square-foot property from Aviva Capital Management.

GE Real Estate funded a $28.5 million loan secured by 800 Washington Avenue, a nine-story, 346,000-square-foot office building with ground-floor retail in Minneapolis, Minn., Holliday Fenoglio Fowler LP reported. City Center Retail LLC will repay the four-year financing at a fixed rate of 6 percent.

Tremont Realty Capital said it recently acquired a $42.5 million performing first mortgage secured by first mortgages on two Class B office buildings in Dallas and Chicago.

M&T provided $36.0 million in first-mortgage construction financing and TriSail Funding Corp. funded $9.6 million in mezzanine debt for the Hamaker Court Medical Office Building in Fairfax, Va., Capmark announced. The total package has a three-year term with interest-only payments, proceeds representing 75 percent of total costs, and was supplemented by an equity investment of more than $12.0 million from a private fund managed by Capmark Investments LP. Upon completion, the building will consist of six stories and 126,000 square feet.

Sun Life of Canada provided first mortgage financing of $5.5 million for a 116,928-square-foot industrial building in Farmingdale, N.Y., NorthMarq reported. 1320 Entertainment Inc. will repay the 10-year loan with a 20-year amortization schedule.

photo of Dallas office building
Class B office building in Dallas



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

e-mail: [email protected]



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