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Big Retail Mortgage Deals

Recent commercial mortgage activity

August 9, 2007

By COCO SALAZAR


photo of Coco Salazar

The financing of several multifamily properties was trumped by more than $100 million in mortgages negotiated for two retail properties in the latest installment of commercial mortgage activity.

Arbor Commercial Funding LLC provided a 10-year refinance loan of nearly $1.2 million for a mixed-use complex in Stoughton, Mass. The Fannie Mae loan amortizes in 30 years and has a 5.99 percent rate. The 11-unit property was constructed in 2005 and commercial space accounts for 25 percent of the square footage and income, according to the Uniondale, N.Y.-based subsidiary of Arbor Commercial Mortgage LLC.

Office financing included a $3.3 million loan issued for a 31,000 square foot office building in Conshohocken, Penn., Meridian Capital Group reported. The 7-year loan carries a rate of 6.25%.

photo of Lafayette One
photo of Lafayette One
Boston, Mass.-based Tremont Realty Capital announced that it arranged an $8.1 million loan for the refinance of Lafayette One, a 49,000 square foot office property in Chantilly, Va. The 2-year, non-recourse loan provided for roughly 80 percent loan-to-value with a floating interest rate of LIBOR plus 225. Amongst the tenants of the fully-occupied property are Washington Homes and RE/Max.

Among retail properties finances, a Winn-Dixie Marketplace secured a $2.5 million loan, Meridian said. The retail property measures 44,000 square feet and is located in Bay Minette, Ala. The loan borrower, Steven Held, agreed to a rate of 6.43% at 115 over the 10-year Treasury with no reserves or escrows.

Glimcher Realty Trust announced Thursday it has reached an agreement to acquire Merritt Square Mall in Merritt Island, Fla., an 804,000 square foot mall anchored by Dillard's, Macy's, JCPenney and Sears. The deal calls for the assumption of a $57 million mortgage with a 5.35 percent fixed rate, a 30-year amortization and a Sept. 1, 2015 maturity date.

iCap Realty Advisors arranged an $80 million loan for the refinancing of a 62-convenience-store portfolio, according to an announcement by the Texas-based lender and investment sales firm. The properties are in various locations throughout Georgia and Alabama. Terms of the loan were not disclosed.

In multifamily financing, Regions Financial Corp. received over $1.3 million in Affordable Housing Program grants and subsidies from the Federal Home Loan Bank of Atlanta to help build, buy or repair approximately 120 units for very low- to moderate- income homeowners and renters in the Southeast. FHLB members compete for such funds, which are awarded twice a year. Regions will use $828,000 of the funds in Tennessee, $115,500 in Alabama, $160,000 in Florida, $120,000 in Louisiana and $100,000 in South Carolina, according to a news release.

A 72-unit multifamily property in Garnerville, N.Y., secured a loan of nearly $5 million arranged by Meridian, according to an announcement. The 25-year mortgage has a rate of 5.99%.

New York-based Meridian also said it recently arranged a 10-year loan in the amount of $6 million issued for the Rose Garden Apartments, a three-building complex with 72 units in Framingham, Mass.

Over in Los Angeles, Calif., the Queen Apartments portfolio of properties secured a $7.3 million loan originated by Prudential Mortgage Capital. The portfolio consists of five separate two- and three-story buildings located in four neighborhoods. The project was financed through tax-exempt bonds and low-income housing tax credits, with Freddie Mac providing the credit enhancement for the bonds, the commercial mortgage arm of New Jersey-based Prudential Financial Inc. reported.

photo of Rose Garden Apartments
A multifamily property in Baltimore, Md., secured a $25.6 million loan, Meridian announced. The financing for the five-story property with 182 units carries a 5.79 percent rate for 10 years.

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

e-mail: [email protected]



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