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Multifamily Rules

Recent commercial mortgage transactions

June 18, 2007

By COCO SALAZAR


photo of Coco Salazar

Commercial mortgage activity was heavy with multifamily deals during the most recent week, though a hotel, several offices and two retail complexes also found financing. Transactions were dominated by East Coast properties.

Prudential Mortgage Capital Co. provided a $35 million refinance loan for the Sheraton Imperial Raleigh in Durham, N.C. The 10-story, full-service hotel with an adjacent convention center holds 331 rooms over 330,854 square feet. Crouse & Associates arranged for origination of the loan, which has a 10-year term with a fixed rate, according to an announcement.

In the retail sector, a $1.95 million loan for a rate of 5.89% over 10 years was issued to Matt Donegan for a 6,065 square-foot strip center in Boca Raton, Fla., according to a press release by Meridian Capital Group.Over across town in Sunrise, a shopping center secures a $2.5 million loan arranged by Meridian. The financing on the 42,480 square-foot property has a rate of 185 over the five-year SWAP.

Financing for retail properties included a $1.2 million loan with a at a rate of 6.375% negotiated by Meridian secured by an office and retail property. Originally strictly a retail center with 19 tenants, the borrower recently added 41 offices to the 20,594-square foot building in Miami.

Meridian negotiated a $5.7 million refinance loan for a Class A office property in Miami. The 10-year mortgage for the 46,176-square-foot property has a rate of 5.735%.

Meridian arranged a $10.8 million loan for the refinancing of a 14-story fractured office condo in Miami. The loan holds a rate of 260 over LIBOR over a 1-year, interest only term.

In the world of apartment financing, the New York City-based multifamily and commercial broker also recently said it arranged a second mortgage in the amount of $2.15 million for a 203-unit multifamily property in Philadelphia, Penn. The 14-year loan is to be repaid at a 6.375% rate.

Arbor Commercial Funding LLC provided a $4.4-million loan using Fannie Mae's DUS program to refinance a 240-unit apartment complex in Waterford, Mich. The 10-year mortgage amortizes on a 30-year schedule with five years interest-only, and carries a note rate of 5.49 percent, the Uniondale, N.Y.-based lender announced.

A 102-unit multifamily complex in Plainfield, N.J., secured financing of $6.23 million. Meridian reported the amount for the six-building property was split into an A piece of $5.625 million with a 6% rate and a B piece of $605,000 with a 7% rate.

Philadelphia 203-unit property
A $7.85 million loan secured by three multifamily properties in New Jersey must be repaid at 5.68% rate on interest-only terms over the next 10 years, broker Meridian said. The properties hold 35, 68 and 75 units.

Meridian negotiated a $5.7 million refinance loan for a Class A office property in Miami. The 10-year mortgage for the 46,176-square-foot property has a rate of 5.735%.

Meridian arranged a $10.8 million loan for the refinancing of a 14-story fractured office condo in Miami. The loan holds a rate of 260 over LIBOR over a 1-year, interest only term.

In Alsip, Ill., two multifamily properties secured a 10-year refinance loan of $13.9 million. Borrower Joseph Junkovic agreed to a rate at 118 basis points over the 10-year Treasury on the loan for the combined 312 units, which at 6.15% was lower than the 7.5% rate on the old loan, Meridian announced.

Madison Realty Capital funded a $19.7 million bridge loan for the owner of a pair of apartment complexes in San Antonio, Texas. One complex has 244 units throughout 23 two-story buildings and the second property holds 319 apartments within 30 two-story buildings, the New York-based private commercial lender announced.


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

e-mail: [email protected]



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