home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.


Commercial Originations Strong

Recent commercial mortgage lending activity

August 23, 2007

By COCO SALAZAR


photo of Coco Salazar
photo of Barnardsville office building

Quarterly commercial mortgage originations jumped -- led by a spike in hotel originations. Meanwhile, plenty of multifamily properties have recently found financing.

A $3 million loan was issued for a three-story office property in Bernardsville, N.J., Meridian reported. The 20,913-square-foot property secured a 5.86 percent rate over 10 years with five years interest only.

Over in Miami, Fla., 36 of 83 units of the Shamrock Kendall condominium secured financing of $5.8 million, Meridian said. The 5-year loan will be repaid with a 7.125 percent interest rate.

photo of Lodi Station

Boston, Mass.-based Tremont Realty Capital announced it funded a senior bridge loan of nearly $56.8 million for the acquisition of Lodi Station and refinance of Lakeland Station, outlet centers in Ohio and Tennessee measuring 310,813 and 323,507 square feet, respectively. The non-recourse, 3-year loan has a LIBOR-based interest rate and provided leverage of 90 percent loan-to-cost. Major tenants in the centers include Gap, Eddie Bauer, Liz Claiborne, Polo, Nautica and Bose.

Over in Rockville Center, N.Y., a 13,500-square-foot office building found financing of nearly $2.3 million through Meridian Capital Group. The building, which houses medical tenants, secured a rate of 4.75 percent over a 10-year term, according to an announcement.

photo of Lakeland Station
photo of The Ariana Building

New York-based Meridian also said it arranged a $2.4 million loan for the purchase of The Ariana Building, a 27,400-square-foot, flex retail/storage facility in Sunrise, Fla. 5365 LLC will repay the loan at a rate of 6.6 percent over a 5-year non-recourse term through a commercial bank.

Among multifamily deals, the Southgate Garden Apartments secured $2.6 million mortgage arranged by Meridian. The 10-year loan for the 76-unit complex in Thomasville, N.C., carries a rate of 5.94 percent, a news release indicated.

Associated Estates Realty Corp. received a fixed-rate refinance loan of over $9.2 million secured by the Residence at White River. Red Mortgage Capital Inc. said it provided the 7-year interest only loan approved by Fannie Mae. The property has 228 units across 10 two-and three-story buildings located in Indianapolis, Ind.

The Parkside Village, a 136-unit Class A apartment complex in Clayton, N.C., secured a $9.4 million loan at an interest rate of 6.28 percent over a 10-year term with a 5-year interest only period, Meridian said.

Columbus, Ohio-based Red Mortgage said it provided another 7-year, fixed-rate interest only loan for Associated Estates, but this one was for $10.8 million secured by the Spring Valley Apartments. The two-story apartment property in Farmington, Mich., consists of 17 buildings with 224 units.

Prudential Mortgage Capital Co. closed a $25.8 million refinance loan for the Fisher Building, a high-rise apartment complex in Chicago, Ill. The building, an historical landmark with 184 units, secured the 10-year, fixed-rate loan approved by Fannie, the commercial arm of New Jersey-based Prudential Financial Inc. announced.

photo of Parkside apartments
photo of the Crescent Gardens Apartments In Rochester, N.Y., the Crescent Gardens Apartments found a first mortgage of over $10.2 million through Largo Real Estate Advisors Inc. The 10-year, fixed-rate loan has a 30-year amortization schedule. The property's 327 apartment units are spread throughout 28 two-story buildings, according to an announcement.

Meanwhile, Largo said it arranged a $49.8 million first mortgage secured by a portfolio of multifamily and office properties and an art gallery in Rochester, N.Y. The 10-year, fixed-rate loan amortizes over 30 years. The portfolio consists of Artisan Works, Imperial Manor Apartments, Normandie Apartments, Mt. Read Business Center and another office building.

photo of Crittenden apartments A 10-year, fixed-rate loan of nearly $19.7 million was issued for the Crittenden Way Apartments, a 432-unit property of 36 two-story buildings in Brighton, N.Y. The first mortgage has terms of five years interest only and amortization over a 25-year period, according to Largo, a Getzville, N.Y.-based commercial lender.

Despite a general repricing of risk, overall commercial mortgage originations jumped 40 percent in the second quarter from a year earlier, the Mortgage Bankers Association reported Wednesday. The jump was led by an 330 percent increase in hotel financing and conduit loans for commercial mortgage-backed securities. Commercial production was up 26 percent from the first quarter.

"A number of large deals helped boost commercial/multifamily origination volumes in the second quarter," an MBA executive said in the statement.

Multifamily originations were 18 percent higher than the second quarter 2006, the report said.


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

e-mail: [email protected]


Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders