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Multifamily Deals Surge

Recent commercial mortgage activity

September 18, 2007


photo of Coco Salazar

Multifamily activity has recently heated up, with apartment financings representing the majority of the 17 commercial mortgage transactions tracked by MortgageDaily.com during the latest week. But it was one loan on a Los Angeles office tower that helped push the dollar volume of activity to nearly $500 million.

The U.S. Department of Housing and Urban Development announced it intends to hold a sealed bid sale for certain unsubsidized multifamily and healthcare mortgage loans, without Federal Housing Administration insurance and primarily consisting of nonperforming mortgages. Bids must be submitted by Wednesday. The awards are anticipated to be made by Friday and close Sept. 28.

A $1 million FHA loan closed through Prudential Huntoon Paige was secured by the 105-year-old Touraine Apartments in Buffalo, N.Y., parent Prudential Mortgage Capital Co. announced today. The mortgage on the 104-unit property was offered through the Affordable Housing Preservation Mark-to-Market program.

A 14-unit multifamily property in Pacoima, Calif., secured a $1.3 million refinance loan at a rate of 6.25 percent over a seven-year term, Meridian Capital Group reported.

photo of Cottage Court Apartments

A $2 million loan was issued for the Cottage Court Apartments in Philadelphia, Penn., brokerage Meridian said. A rate of 6.07 percent over a 10-year term was secured by the five-story, 40-unit property.

Over in Bloomington, Ill., a 210-unit multifamily complex secured a $2.4 loan at a rate of 6.5 percent for five years, Meridian said.

Arbor Commercial Funding provided a $2.9 million loan using a Fannie Mae program for the acquisition of 1508-1520 Tremont Street, an 11-unit property in Boston, Mass. The 5-year loan amortizes on a 30-year schedule and carries a note rate of 6.11 percent.

A 10-year, $3 million loan, carrying an interest rate of 6.5 percent, was secured by the Hammonton Arms Apartments, an 80-unit multifamily property in Hammonton, N.J., Meridian said.

Four multifamily properties in Chicago, Ill., found nearly $5.2 million in financing through Meridian. The combined 27-units secured a fixed rate of 5.97 percent on a 10-year term, and there was cash out involved, according to an announcement.

Venture West Funding Inc. said it placed an $8 million refinance loan portfolio with First Federal Bank of California. The loans are secured by four San Gabriel Valley, Calif., apartment buildings with a total of 76 units.

photo of Hammonton multifamily
photo of Middlebury Crossing

A $6.5 million financing was issued for Middlebury Crossing, a multifamily complex in Waterbury, Conn., Meridian said. The complex, consisting of 112 units throughout 16 town homes and 96 apartments, secured a rate of 6.15 percent over a 10-year, interest-only term.

Venture West originator Jean-Marc Herrouin explained in the announcement, "We were able to fully satisfy the borrower's objectives -- including a low five-year fixed rate, flexible prepay penalties, roll margins over COFI index, and cash-out to the borrower."

In retail financing, New York-based Meridian also arranged for a $2 million loan secured by Boom Fitness in Cocoa Beach, Fla. The loan for the building of 22,272 square feet carries a rate of 7 percent over three years.

Ithaca retail plaza

A retail plaza in Ithaca, N.Y., secured a 10-year fixed-rate loan of $8.6 million, with a 30-year amortization schedule, according to an announcement by Getzville, N.Y.-based commercial lender Largo. A Home Depot, Citizens Bank and Metro Mattress currently occupy the 204,097-square-foot plaza, which will soon also house a Kohl's department store and Foot Quarters that are undergoing construction.

Three-star hotel Hilton Fort Lee secured a $33 million first mortgage arranged by Sonnenblick-Eichner Co., according to a news release. The 10-year fixed-rate, non-recourse refinance mortgage from a European-based investment bank has interest-only payments for the first five years, and enabled lower debt service payments and realized pent-up equity for the borrower.

In the world of office properties, Eurohypo AG recently provided a $400 million refinance loan to Maguire Properties Inc. for the refinancing of KPMG Tower, a 45-story office building in Los Angeles, Calif., measuring 1.1 million square feet. The 5-year loan was made at a variable rate of LIBOR plus 150 percent, but Maguire entered into a forward-starting interest rate swap agreement that fixes the interest rate at 7.06 percent. Some of the $130 million that resulted after repayment of the existing $210 million mortgage and other costs will be used to fully repay a $400 million term loan connected with its April 2007 purchase of the southern California Equity Office Properties portfolio, according to an announcement.

The Parkview I & II properties totaling 176,471 square feet in Houston, Texas, secured $10.5 million at a rate of 6.9 percent over a 10-year term with five years interest only. Meridian said the two buildings are 100-percent leased to seven tenants with minimal near-term rollover.

photo of KPMG Tower
Meanwhile, an $8 million loan, with a rate of 6.403 percent over a 10-year term, was issued for a 22-story, Class B/C office building in Chicago, Meridian reported. The first two floors of the 225,068-square-foot building contain the Ford Center for the Performing Arts and the Oriental Theater.

photo of Buffalo mixed use property Largo Real Estate Advisors Inc. originated a $1.1 million first mortgage for four mixed-use properties in Buffalo, N.Y., according to a news release. The 10-year, fixed-rate loan for the portfolio, which includes an office property and a two-unit apartment building, has one rate reset and a 22 year amortization schedule.

Love Funding closed a $2.4 million loan for the refinancing of Casa Edad de Oro, a 36-unit, nonprofit, section 8 senior housing property in Hartford, Conn. The existing mortgage had a $2.1 balance and rate of 8.375 percent, the new HUD 202/223 loan has a fixed rate of 5.9 percent with a 35-year amortization period and an annual debt service payment reduced by more than $8,000, the Missouri-based lender said.

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

e-mail: [email protected]

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