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.
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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.
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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.
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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. |
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