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Commercial Loan Activity

Office, multifamily and industrial deals arranged

July 10, 2007

By COCO SALAZAR


photo of Coco Salazar

Several East Coast office properties found financing, though Texas boasted two pairs of multifamily and industrial mortgage transactions.

iCap Realty Advisors, based in The Woodlands, Texas, provided a $725,000 permanent loan for the acquisition of an industrial warehouse in Memphis, Tenn., according to an announcement. The 17,684-square-foot property that sits on 1.12 acres of land secures the 10-year fixed-rate loan with a 25 year amortization.

An industrial warehouse in Houston secured a permanent acquisition loan of over $5.1 million, iCap reported. The 10-year loan for the 99,900-square-foot property has a 25-year amortization.

A $10.6 million construction loan for the expansion of another industrial facility in Houston was also recently arranged by iCap, a news release stated. The 18 month interest-only loan will reconfigure the three-building property located on 10 acres into a 5-building industrial complex across 16 acres.

Superior Bank provided a four-year construction/mini-perm loan for a 90,000-square-foot Holiday Inn Hotel that will measure six stories high and 135 rooms. The transaction was announced by Love Funding, which said it helped borrower Vinayak Properties LLC secure terms for the Atlanta site that include 250 basis points over LIBOR.

Love also recently said it named Mark Dellonte as its president, replacing Harry Cheatham, who was assigned to the role of vice chairman.

New Jersey Office Meridian Capital Group LLC said it arranged a $3 million loan for a five-story office building in New Jersey. The loan holds a rate of 6.5 percent over seven years. The office condo property of 30,445 square feet is 50 percent leased and 50 percent sold.

A 40,000 square-foot office building with ground floor retail secured a $14. 5 million loan, Meridian reported. The loan for the New York property on Fifth Avenue has a rate of 6.51 percent over a five-year, interest-only term.

A retail/office property in the middle of the Central Business District of Philadelphia secured a $9 million financing that carries a rate of 6.125 percent over a 10-year term, New York City-based Meridian announced. The first floor of the 79,645 square-foot property is retail space and the remaining floors are comprised of offices.

A 119-unit multifamily property in Kirkwood, N.Y., secured a $750,000 second mortgage arranged by New York-based Houlihan-Parnes/iCap Realty Advisors LLC. The loan has a 10-year term with a 30-year amortization schedule and a fixed rate for three years. The loan was provided by the same bank that did the first mortgage, the real estate investment company announced.

A 108-unit, garden style apartment complex in Wharton, Texas, secured a $3.5 million permanent loan provided by iCap, according to an announcement. The nine-building multifamily property holds the 10-year fixed rate loan with a 30-year amortization.

A 10-year fixed-rate loan of $6.7 million with a 30-year amortization was secured for a garden style multifamily property in Stafford, Texas, that consists of 176 units, iCap said.

Philadelphia retail/office property

An industrial warehouse in Houston secured a permanent acquisition loan of over $5.1 million, iCap reported. The 10-year loan for the 99,900-square-foot property has a 25-year amortization.

A $10.6 million construction loan for the expansion of another industrial facility in Houston was also recently arranged by iCap, a news release stated. The 18 month interest-only loan will reconfigure the three-building property located on 10 acres into a 5-building industrial complex across 16 acres.


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

e-mail: [email protected]



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