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Multifamily Mortgage Mania

Recent commercial mortgage activity

July 17, 2007


photo of Coco Salazar

Multifamily deals dominated a fairly busy week in commercial mortgage lending.

But first, commercial foreclosure activity continued to remain relatively low at 0.5 percent during June, Bargain Network reported. While the rate was low on a national level, Idaho, Wyoming and Delaware had significantly higher rates of filing activity at 6.1 percent, 4.8 percent and 4 percent, respectively.

Athena Real Estate announced that it acquired a 160-site manufactured housing community in Harrisburg, N.C., for $2.8 million. The first mortgage debt was provided by a subsidiary of AIG Global Investments.

Madison Realty Capital announced that it originated $55 million in short-term loans during June, bringing its originations since 2006 to more than 100 for over $400 million.

"The need for short-term mortgage financing has only grown as conventional lenders tighten their lending parameters," New York-based Madison said in an announcement. "In the last two months alone we have doubled our lending ability to keep up with the demand and see no sign of that demand slowing down."

photo of Jax Telcom Lofts Meridian Capital Group arranged a $21.5 million mortgage on behalf of Jax Telcom Lofts I, LLC for a 10-story mixed-use property in Jacksonville, Fla. The 208,000 square-foot facility contains 82,000 square feet of office space and 116 high-end residential lofts. The 5-year interest-only deal with a 6.19% rate was placed with Credit Suisse.

In Amagansett, N.Y. a residential development secured a $25.7 million refinance and construction loan, Madison reported.

In hotel financing, Meridian arranged $55 million for the refinancing of the Mercer Hotel, a luxurious property in Soho, N.Y., with 75 guest rooms that include oversized marble bathrooms and plasma flat-screen televisions. BD Hotels agreed to borrow at a rate of 5.345% over a 10-year, interest only term, according to an announcement.

Another $55 million financing deal was arranged for a sister site, the Chateau Marmont in Hollywood, Meridian reported. Borrower André Balazs was given a 5.728% rate on the 10-year, interest-only loan for the California property, which features 63 different antiques-filled rooms, suites, cottages and bungalows.

photo of Mercer Hotel
photo of Chateau Marmont

"The travel and tourism industry has made a dramatic resurgence, as evidenced by the number of those wanting to do the financing," said Ronnie Levine, a Meridian managing director, in an announcement. "Each transaction is unique and requires both creativity and an intimate knowledge of the industry."

Retail financing included a $2.2 million refinance loan for a retail property over in New Orleans, La., according to Madison.

A retail center measuring 114,675 square feet in Manchester, N.H., secured a $12.1 million financing, Meridian reported. The 10-year, interest-only loan has a rate 6.190%, which was held at 45 over SWAPS.

A loan of over $19.9 million was issued to Salisbury Mall Associates for a mall that houses 50 tenants, including JC Penny, Dollar Tree and Big Lots. The financing for the North Carolina property has a rate of 6.36% over a 10-year term with two years interest-only, according to Meridian, which indicated Credit Suisse provided the funding.

Among offices financed was an office building of 43,678 square feet that secured financing of $3.86 million. The 10-year loan for the Wallingford, Conn., property carries a rate of 6.33%, Meridian reported.

Madison provided a $10 million refinancing of an office condominium in Orlando, Fla.

In the world of apartment financing, New York-based Meridian said it arranged a $7.2 million loan secured by a 7-story apartment building in Hackensack, N.J. The 74-unit property's financing has a rate of 5.810% over a 25-year fixed term.

Wallingford Office photo
Newton, NJ apartments

In Newton, N.J., an 11-building apartment complex secured a $7.8 million loan, which has a of 5.66% rate over a 15-year term with ten years interest-only, according to Meridian, a broker . The complex contains 168 units.

Madison, a New York-based provider of short-term commercial loans, announced an $8.5 million refinance loan secured by an apartment building in Phoenix, Ariz.

Post Investment Group LLC received a $21.5 million mortgage to complete the $23.5 million purchase of an apartment complex in Corpus Christi, Texas, that consists of 783 units, according to a news release.

Laureate Capital LLC closed eight loans worth $52.2 million for multi-housing properties, according to an announcement. The Charlotte, N.C.-based lender, which had a $9.6 billion servicing portfolio as of May 31, said the properties included five apartment complexes in North Carolina that hold 808 units, a 25-unit apartment complex in Georgia and a 272-unit apartment property in South Carolina.

An 11-unit multifamily property with 7,500 square feet of office space secured $2.3 million in financing, Meridian announced. The loan for the Chicago, Ill., property has a 5.875% rate over a five-year term. Chicago multifamily/office photo

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

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