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Commercial Originations Maintain as Prices Fall

Recent commercial mortgage activity

May 19, 2008


Falling commercial real estate prices have not stopped commercial loan originations. More than $1 billion in recent commercial mortgage transactions were tracked.

Moody's Investors Service said commercial real estate prices fell 2.3 percent during March, "the largest one month decline since the inception of the index." Despite the monthly decline, however, commercial real estate prices are still 0.9 percent higher than a year earlier. But transaction volume in March was down around one-third from a year earlier.

Retail properties saw the biggest decline, at 5.7 percent, Moody's said. Multifamily properties were down 3.4 percent and office properties were off 2.0 percent.

GE Real Estate financed a $960 million loan for iStar arranged by Holliday Fenoglio Fowler LP secured by a portfolio of 34 single-tenant office properties. The loan is adjustable-rate, interest only and cross-collateralized.

Prudential Mortgage Capital Co. announced it closed on a $100 million loan for the Starmount portfolio, which includes a regional shopping mall and six surrounding suburban office buildings in Greensboro, N.C. The interest-only loan has a 5-year term.

A mixed-use warehouse and office complex in Long Island City, N.Y., found $60 million in financing through Meridian Capital Group.

An $80 million loan was arranged by Holliday for two Class A office buildings in Bethesda, Md. ING Real Estate funded the 5-year fixed-rate loan.

A Washington, D.C., office building secured a $76 million loan from Sumitomo Corporation of America that was arranged by Holliday.

Holliday reported a $72 million loan arranged for 550 West Washington, a Class A+ office property in Chicago. Landesbank Hessen-Thuringen Girozentrale funded the 5.84 percent 5-year fixed-rate loan.

Capmark Finance Inc. announced $55 million in interim financing was arranged for Village Walk at Eastlake, a retail property in Chula Vista, Calif.

photo of of Long Island City property
Long Island City property

Timilick Tahoe

NorthMarq Capital Inc. said it arranged $36 million in financing from the Bank of the Ozarks for Timilick Tahoe, a multi-phased luxury residential development in the Lake Tahoe region of California. The interest-only 3-year financing included a first mortgage land A&D loan and a first mortgage construction revolver loan.

A $35 million floating-rate construction loan was originated by Capmark the Harrington Square Apartments, a mixed-use property in Renton, Wash.

The Renaissance Center Phase II, a 150,200 square-foot regional shopping center located in Durham, N.C., secured a 5-year, interest-only $16 million loan closed by Prudential.

A total of $12 million in 10-year loans was arranged by Venture West Funding Inc. for four multifamily properties in Southern California. The average fixed-rate was under 5.5 percent.

An $12 million refinance loans was originated by Venture West for an 80-unit apartment building. The interest-only loan has a 5.14 percent rate has included more than $6 million in cashout proceeds.

Meridian said it arranged $10 million in interest-only refinancing for the Taft Building, a 12-story, 105,000 square foot office building located at the intersection of Hollywood and Vine, in Hollywood Calf. The 10-year note has a 6 percent rate.

Taft Building

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]

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