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MUD, Multifamily Deals Arranged

Recent commercial mortgage activity

August 13, 2007


photo of Coco Salazar

Commercial loans were arranged for several multifamily properties -- though loans secured by two mixed use properties were among a host of other financing deals announced in the latest installment of commercial mortgage transactions.

photo of Chicago MUD A two-building mixed-use property in Chicago with 49 residential units and 11 retail tenants found a $2 million mortgage through Meridian Capital Group, a press release indicated. The 5-year note has a 6.25 percent rate.

A $20 million mortgage was secured for a Pennsylvania mixed-used property on 42 acres, according to an announcement today from Meridian. Dozens of specialty shops, a 70-room inn and six restaurants are tenants in the property. The 10-year interest-only note has a rate of 6.42 percent.

A $3.2 million loan was issued for Hanover Village, a mobile home park with 101 pads in Wrightstown, N.J., Meridian reported. The 10-year financing has a rate of 5.9 percent.

The Piedmont Building, a four-story office building in Greensboro, N.C., secured financing of $1.15 million, Meridian announced. Gilbert Rockson will pay the 10-year deal at a rate of 6.5 percent for the first five years and 6.75 percent for the other five.

Meridan said it also arranged a $5.6 million deal for a retail strip mall in Snellville, Ga. The 10-year loan has rate of 6.29 percent. The center's tenants include CVS out parcel and a Michael's.

Love Funding closed a construction and permanent loan of nearly $9.7 million for the Village at Arborwood, a senior housing complex in Granger, Ind. Reenders Inc. will build the project, which secured a rate of 5.77 percent on the 40-year, self-amortizing loan. The completed three-story building will have a total of 120 units, according to an announcement by the Ohio office of St. Louis, Mo.-based Love.

Among multi-family deals, Arbor Commercial Funding LLC provided a refinance loan of nearly $1.1 million secured by Fitchburg Portfolio, a 23-unit complex in Fitchburg, Mass. The 10-year Fannie Mae loan amortizes on a 30-year schedule and carries a rate of 5.97 percent.

photo of the Village at Arborwood
Over in Ocala, Fla., the Magnolia Trace Apartments secured $1.7 million in financing for Bob Schafer, who agreed to 6.125% rate over a five-year term. The multifamily property holds 48 units, New York-based Meridian announced.

The Mason Hills Apartments in Mason, Mich., secured a $2 million refinance loan issued by Arbor. With a rate of 5.76 percent, the 10-year loan for the 94-unit complex amortizes over 30 years, the Uniondale, N.Y. lender reported.

Meridian reported arranging a $3.5 million loan for the LaHaina Apartments, a 60-unit multifamily property in Sunrise, Fla. Borrower Jomy Zacharias will pay a rate of 6.2 percent over a 10-year term.

photo of Chicago multifamily In Chicago, Ill., a multifamily complex secured a $4.3 million loan with a 6.06 percent rate over a 10-year term with three years interest-only. The 10-building property contains 143 units, according to New York-based Meridian.

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

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