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Hotels, Condos, MUDs & Apts Financed

Recent commercial mortgage transactions

September 5, 2007


photo of Coco Salazar

A variety of commercial properties found financing, including $425 million for a Soho condominium project, $101 million for a 4-star Chicago hotel and $64 million for three mixed used properties. Deals were also arranged for multifamily, office and retail properties.

In multifamily, Meridian Capital Group recently announced it arranged a $1.25 million loan secured by a three-story, 25-unit multifamily property in Chicago, Ill. The deal, with a rate of 5.99 percent, allowed the borrower to pull out $400,000 in equity.

Prudential Mortgage Capital Co. originated a $2.3 million loan for the Leo E. Dugan Apartments. The multi-family property in Cuyahoga Falls, Ohio, secured the Federal Housing Administration loan, the commercial banking arm of New Jersey-based Prudential Financial Inc. reported.

photo of Gold Leaf Apartments

The Gold Leaf Apartments in Linden, N.J., secured a $5.3 million loan. The financing for the 48-unit multifamily property has a rate of 6.02 percent over a 10-year term, New York-based Meridian said.

GE Healthcare Financial Services provided a $207 million first mortgage for the Atria Senior Living Group. The financing, which includes both 10-year fixed rate and 5-year floating rate pools, was structured to meet Atria's current and future financing needs and structure needs for its current portfolio of 124 communities, a news release indicated.

An office building measuring 9,500 square feet secured a $1.1 million financing with a rate of 6.75 percent over a seven-year term, Meridian reported. the Bayonne, N.J., property houses three tenants.

Chun Lam and Toni Cimino obtained a $2.85 million loan for the Treepoint Plaza, a 48,489 square foot office building in Addison, Texas, Meridian said. They agreed to a 6.31 percent rate over a five-year term.

In the world of retail properties, over in Hyde Park, Mass., Serino's, a 20,000-square-foot flex space including retail, warehouse, and distribution, found a $2.6 million loan through Meridian, according to an announcement. The 10-year loan carries a 6.9 percent rate.

A $7.6 million loan was secured by the Frazer Shopping Center, a 72,270-square-foot retail property in Pennsylvania that houses many large corporations. The 10-year loan must be repaid at an interest rate of 6.410 percent.

Cedar Shopping Center Inc. will assume $14.8 million in first mortgages, at a weighted average interest rate of 5.88 percent, to complete the $31.5 million purchase of two supermarket-anchored shopping centers, according to a news release today. One of the properties, Timpany Plaza in Gardner, Mass., measures 183,775 square feet and is anchored by a Stop & Shop. The other property, Carll's Corner in Bridgeton, N.J. is 129,582 square feet large and anchored by an Acme supermarket. Cedar's revolving credit facility will cover the remaining balance of the purchase from Paragon Realty Group LLC.

photo of Serino's
Mixed-use development deals included the Piedmont Crossing in High Point, N.C., which reportedly found a $4.6 million loan through Thomas D. Wood and Co., a Tampa, Fla.-based commercial mortgage banker. The interest-only bridge loan for the 66.6 acres of land is for a 12-month term.

A $20.5 million loan to be repaid a rate of 6.31 percent over a 10-year term with five years interest only was acquired for the purchase of the Hamilton Business Center, Meridian said. The Mercer County, N.J., property consists of 12 flex buildings totaling 285,151 square feet of which about three-fourths is warehouse space and the remainder office space. Home Depot and Stanley are among the 26 tenants in the 93-percent-occupied property.

Corus Bank provided a $38.5 million construction loan for the first phase of Burien Town Square, a mixed-use project in the Seattle, Wash., area, commercial real estate services provider Holliday Fenoglio Fowler L.P. announced. Urban Partners LLC and Westport Capital Partners LLC agreed to repay the three-year, adjustable-rate loan for the first phase, which will consist of a seven-story building with 124 condominiums located over 19,700 square feet of ground floor retail.

But most of this week's money went to hotel properties.

An unflagged hotel in Irving, Texas, secured a $2. 5 million financing with a favorable rate over a six-month term that allowed the borrower to pay off first and second mortgages and buy out a partner. Within the six months, the property will be entirely renovated and negotiations are currently taking place to potentially secure a flag for the 166-room property.

JP Morgan Chase funded a $101 million loan for the refinance of Westin Chicago North Shore Hotel, Wheeling, Ill. The 15-story, 412-room, four-star hotel is part of a 21-acre mixed-use project developed as a venture partnership between The Harp Group and Mid-America Development Partners.

Trump SoHo, a condominium-hotel project in Manhattan, received construction financing of about $350 million assembled by Carlton Advisory Services. The loan includes mezzanine financing for the project's $430 million construction cost, according to published reports.

The 43-story, 413-unit Trump SoHo project, expected to be completed in early 2009, received $75 million in mezzanine financing from Lowe Resort Finance Investment Partners last week, according to a press release by Los Angeles-based parent Lowe Enterprises Investors. The loan was provided to a developer joint venture between Bayrock Group and Sapir Organization.

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

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