Among the latest commercial mortgage loans tracked by MortgageDaily.com were four transactions totaling more than $57.0 million arranged by Meridian Capital Group LLC and a $60.0 million loan funded through Babson Capital Management LLC for a new property in Chicago.
Babson funded a first mortgage of $60.0 million with a fixed rate of 5.53 percent for Parkway Properties Inc. for its new Citicorp Plaza, which consists of three interconnected, eleven-story Class A office buildings at 600,000 square feet altogether. The property, which is located in Chicago, was bought on behalf of Parkway Properties Office Fund, L.P. for a purchase price of $100 million.
Prudential Mortgage Capital Co. closed a $70.8 million fixed-rate, ten-year construction loan for its development of Paradise Village, a senior housing project in National City, Calif. The loan was originated by Jeff Ringwald and the Healthcare Finance team of Prudential's Dallas-based office.
Parkway Properties Inc. acquired Desert Ridge Corporate Center, located in Phoenix, on behalf of Parkway Properties Office Fund, L.P. at a purchase price of $81.6 million. Babson funded the $49.2 million first mortgage with a fixed rate of 5.77 percent.
Great Wolf Resorts Inc. closed a $55.0 million mortgage loan from Citigroup with an interest at a floating rate of LIBOR plus 300 basis points, and there is a minimum rate of 6.50 percent per annum. The funding is secured by the Great Wolf Lodge resort in Williamsburg, Va.
Real Estate Equities Corp. closed a $17.0 million senior mortgage loan from the Patriot Group for the purchase and repositioning of a 24-unit apartment building in Manhattan, N.Y. Patriot also financed a $12 million loan to Peter Moore Associates for the purchase and redevelopment of a building for both residential and business purposes in the West Chelsea neighborhood in Manhattan.
Meridian also arranged a $3.2 million loan with a rate of 6.25 percent over a five-year term with a flexible prepayment structure through one of its portfolio lenders. The property purchased is a mixed-use, 55,000 square-foot facility in South Florida.
|Meridian arranged a loan for $25.2 million from Centerline Capital and Freddie Mac with a rate of 5.370 percent over a five-year term. The loan allows Meridian to purchase the Sun Valley Ranch Apartments, a complex of 29 luxury buildings totaling 308 units, in Arizona.
Meridian also arranged a loan of $13.2 million with a rate of 2.25 percent plus LIBOR for an 18-month, interest-only term with a six-month extension option for a prominent Los Angeles based developer. The loan goes toward the acquisition of a Las Vegas shopping center that is 84,239 square feet.
In its third recent transaction, Meridian arranged a $16.0 million loan with a rate of 5.30 percent over a seven-year term with two years of interest only, non-recourse and no replacement reserves. Michael Brown and Brad Gladsden negotiated the loan, which will provide for the refinance of Harvest Glen, a property of 29 buildings totaling 320 units in Ohio.
Sun Valley Ranch Apartments
Silver-McCann Apartment Group II, L.P. purchased the Carrington Green Apartments in Atlanta, and the acquisition was funded in part by a combination of the assumption of an existing Freddie loan with 4.86 percent rate and a second Freddie mortgage at a 5.78 percent rate initiated by Primary Capital Advisors LC. Silver-McCann expects to gain $150-$200 million worth of apartment communities before the end of the year.