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Commercial Deals Still Get Done

Recent commercial mortgage financing activity

August 17, 2007


photo of Coco Salazar

Three of the latest multifamily deals found more than $50 million in financing while one commercial lender boasted about the billion dollars in hospitality secured mortgages it has closed over the past three years.

In the first half of the year, Laureate Capital LLC closed $368.9 million in transactions for 55 hospitality properties predominately located in the mid-Atlantic and Southeast, a news release indicated. Such properties include Holiday Inn Express, Comfort Suites, Fairfield Inn & Suites, Best Western, Marriott Courtyard, Econo Lodge, LaQuinta Inn, Hampton Inn and the Hilton Garden Inn. The BB&T Corp. commercial lending subsidiary serviced $9.7 billion in loans as of June 30.

"We have closed well over $1 billion in hospitality transactions in the past three years," Laureate said in the announcement. "This surge in hospitality financings has been driven by improved property economics and a favorable financing environment."

photo of Goodyear building Love Funding closed a bridge loan of nearly $3.3 million for the Goodyear Retail Building in Goodyear, Ariz. The acquisition loan for the 33,696-square-foot retail property holds a fixed-interest rate of 7.32 percent and a loan-to-cost ratio of 85 percent. Goodwill Industries will be the single tenant once a contract with the current tenant, Dave Furniture, expires in one year, Missouri-based Love reported.

A $1.2 million first mortgage was issued for the refinance of a mixed-use property consisting of four two-story buildings, White Plains, N.Y.-based Houlihan Parnes/iCap Realty Advisors LLC announced. The Queens, N.Y., property, containing four commercial stores and four apartments, secured a 1-year interest only loan with no prepayment penalty after six months.

Jemsco Realty LLC was able to acquire a 59,000 square-foot building through a $25 million loan arranged by New York-based Meridian Capital Group. The financing holds a rate of 6.23 percent over a 10-year term with five years interest only. With tenants being primarily businesses associated with the diamond and jewelry trade, the 16-story, New York building has a ground floor jewelry exchange.

The Verndale Apartments in Delta Township, Mich., secured a $2.75 million refinance loan through Arbor Commercial Funding LLC. The Uniondale, N.Y.-based lender said the 10-year loan for the 74-unit complex amortizes over 30 years, carries a 5.76 percent rate and was approved by Fannie Mae.

JP Morgan Chase Bank N.A. provided a $22.75 million short-term mortgage that allowed NTS Realty Holdings LP and an unaffiliated co-owner to complete the purchase of Creek's Edge at Stony Point. The borrowers satisfied the remaining purchase amount for the Richmond, Va., multifamily property with a $4.5 million increase in a mortgage on NTS' Lakeshore Business Centers I, II and III, and from working capital, a news release indicated.

photo of New York jewelry building
The Fisher Building, a high-rise apartment complex in Chicago, secured a $25.8 million refinance loan from Prudential Mortgage Capital Co., according to an announcement by commercial arm of New Jersey-based Prudential Financial Inc. Fannie Mae approved 10-year fixed-rate loan for the 184-unit building.

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

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