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Big Deal Finds Financing

Recent commercial mortgage transactions

July 31, 2007

By COCO SALAZAR


photo of Coco Salazar

A $200 million commercial mortgage will enable a building in the heart of New York's Soho district to provide more than 200,000 square feet in space to prospective office and retail tenants. A host of multifamily deals also found financing.

Over in Saginaw, Mich., a portfolio of three senior living properties secured refinancing of over $5.9 million, Cleveland, Love Funding announced. An FHA 223 program was used to finance the new loan for the Westchester Villages at an interest rate of 5.95 percent with a self-amortizing loan term of 35 years. Annual debt service savings will be $54,456.

Meridian Capital Group arranged a $108 million loan for the ground-up construction of Highgrove, a 240,000 square foot, 18-story residential condominium in Stamford, Conn. Ceebraid-Signal and Investcorp will repay the 3-year loan for the luxury, 92-unit building at a non-recourse floating rate through Corus Bank and has an option to extend the loan term for six months.

photo of Oak Tree Shopping Center The Oak Tree Shopping Center in Edison, N.J., secured an interest-only, 10-year loan of $33 million, according to Meridian. Tenants of the 90,000 square-foot center, anchored by a Pathmark supermarket, include H&R Block, Chili's and Wachovia.

A 10-year loan of $4.7 million was issued for an office and retail property in Bartonsville, Pa. The financing for the 40,160 square- foot mixed-use building carries a 5.87 percent rate.

Meanwhile, a Class A office building with ground floor retail in the heart of Soho, N.Y., secured financing of $200 million, Meridian announced. Nearly 200,000 square feet large, the 11-story building houses upscale boutique Scoop, Levis, Sketchers, and Dolce & Gabana, among other tenants. The loan has floating-rate at 90 percent leverage.

Meridian announced that it arranged a $1.2 million financing for a 28-unit multifamily property in Chicago, Ill. The building secures the five-year loan with a rate of 6 percent.

Another multifamily property in Chicago consisting of 16 unit secured a $1.2 million loan that carries a rate of 6 percent over a seven-year term, Meridian reported.

photo of Soho plans
photo of Farwell Estates The New York-based brokerage also said it arranged a $2.75 million loan for Chicago's Farwell Estates, a 39-unit multifamily property. The 5-year financing holds a 6 percent rate.

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

e-mail: [email protected]



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