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Commercial Originators Busy

Recent commercial mortgage deals

June 25, 2007


photo of Coco Salazar

Financing for three separate hotel deals and four land transactions involving hundreds of thousands of acres was nailed down during the latest week of commercial mortgage activity. Several office buildings, a casino and a 1,789-unit multifamily property also found funding.

But first, American Financial Exchange will try to generate volume through the launch of a new Web site in which if offers residential and commercial loans, including hard money and jumbo loans. The Michigan-based lender offers commercial financing up to $500 million.

Cambridge Realty Capital Companies reported that it reviewed 29 loan origination requests in May totaling $446.7 million. The number of loans reviewed was 8 less than in the same month a year earlier but volume is up substantially from $303.4 million. The Chicago-based real estate investment banker noted that lenders close a relatively small percentage of the loan applications they receive, the information is useful to track as an indication of market directions.

"What we think accounts for the huge discrepancy in volume is the larger number of requests we're receiving for new construction loans," Cambridge said in an announcement.

Meanwhile, a 220-unit, 475,689 square foot condominium complex found $12 million for refinancing through Tremont Realty Capital, according to an announcement. The Boston, Mass.-based real estate investment and advisory firm said the property, which consists of 11 buildings on 10.5 acres in Hanover Park, Ill., secures the first mortgage, which provided 72% loan-to-cost.

Developer TTW Realty signed for a $34.9 million loan for a condominium conversion of a 6-story, 101,000 square-foot warehouse in Queens, N.Y. When the conversion is complete, the property will contain 69 condo units and 9,160 square feet of ground floor retail space. Meridian said it placed the acquisition loan over one year ago with the same lender that financed the construction loan.

aerial photo of Lexington lodging property

Lodging financing included an $18.1 million recourse loan negotiated by Tremont that provided for roughly 75% loan-to-value with an 8% interest rate. A Baymont Inn, Holiday Inn, and a Best Western totaling just over 500 rooms in Lexington, Ky., secured the loan provided by a national bank.

Meridian Capital Group reportedly arranged $60 million in 2-year bridge and construction financing on behalf of Ceebraid Signal and Investcorp for The Ocean Club Beach Resort, formerly known as the Palm Beach Hilton. The luxury oceanfront hotel has 135 rooms and over 200 feet of Florida beach frontage.

In Anaheim, Calif., the leasehold interest in a 13-story Sheraton Park Hotel secured a $65 million first mortgage to be repaid at interest only for the entire 10-year term. The loan, arranged by Sonnenblick-Eichner Co. and funded by a Wall Street investment bank, refinances a $54 million renovation loan Sonnenblick placed in 2006.

Over in Panama, N.Y., Silver Entertainment LLC obtained a $60 million loan for the acquisition of The Veneto Hotel & Casino, an 18-story, 301-room property totaling 332,798 square feet. Meridian said it negotiated a favorable floating rate through Deutsche Bank for Silver, a company established by New York-based developer The Andalex Group.

Among office buildings financed, First Potomac Realty Trust said it acquired Annapolis Commerce Park East, two office buildings totaling 101,302 square feet in Annapolis, Md. The $19.25 million purchase price included the assumption of a $9.2 million first mortgage at a fixed rate of 5.74% and a maturity date of June 2014.

Wachovia Bank N.A. provided $120.5 million in non-recourse mortgages secured by three office buildings located in Connecticut, Texas and Illinois. The borrower is Grubb & Ellis Realty Advisors Inc., according to an announcement.

photo of the Veneto Hotel & Casino

photo of PA Brooks Brothers

Retail activity had Meridian Capital Group arranging nearly $4.3 million in financing for a Brooks Brothers store in Philadelphia, Penn. The loan for the 13,423 square foot property has a rate of 5.91% over a 10-year term with five years being interest-only, the commercial mortgage broker announced.

Prudential Mortgage Capital Co., the commercial mortgage arm of New Jersey-based Prudential Financial, said it originated a refinance loan for a senior-living cooperative in St. Peter, Minn. The loan was funded though its FHA lending business, Prudential Huntoon Paige.

Land financing included New York-based Hudson Realty Capital LLC funding of an acquisition and predevelopment loan of $6.75 million. The collateral for the first mortgage is 19,383 square feet of land with an existing foundation for two residential condominium buildings in Riverdale, N.Y., a news release stated. The buildings will contain a combined 53 simplexes and duplexes. Prudential Mortgage Capital Co., the commercial mortgage arm of New Jersey-based Prudential Financial, said it originated a refinance loan for a senior-living cooperative in St. Peter, Minn. The loan was funded though its FHA lending business, Prudential Huntoon Paige.

Tremont's negotiation of a $12.7 million bridge loan that will allow a developer to acquire the remaining land parcels of a 242-unit proposed condominium project located on Revere Beach in Massachusetts. A hedge fund provided the short-term loan funds, a press release stated.

Winthrop Realty Trust made a $17.6 million 1-year bridge loan secured by a property in Chicago, Ill, the Boston-based real estate investment trust reported. The interest-only first mortgage carries a 7.32% rate and was brokered by Mark Realty LLC.

The Open Space Conservancy and John Hancock Life Insurance Co. financed $110 million in order for The Nature Conservancy to purchase 161,000 acres of forestland -- the nonprofit conservation group's largest land purchase ever in New York State, according to an announcement. The transaction includes a 20-year Working Forest Agreement that will ensure a fiber supply to a mill and continue to support jobs associated with timber harvesting.

proposed Revere Beach condos
In the world of multifamily, Meridian announced it arranged $9.7 million in mortgage financing for the Southridge Apartments, a 324-unit property in Orlando, Fla. The 10-year loan has a 6.14% rate.

New York-based Meridian secured a $129.5 million loan on behalf of Cammeby's International for the acquisition and upgrade of a Class-B apartment complex that holds 1,789 units in 130 two-story buildings. The loan for the Elkins Park, Penn., property was made through Goldman Sachs, according to a press release.

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

e-mail: [email protected]

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