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.


$1 Billion in Commercial Deals

Recent commercial mortgage activity

October, 2007

By COCO SALAZAR


photo of Coco Salazar

Commercial mortgage lenders and brokers were busy this past week with 23 deals tracked by MortgageDaily.com for $1 billion mostly on multifamily, retail and office properties.

photo of 10-unit Chicago multifamily A 10-unit multifamily property in Chicago, Ill, found an $827,500 loan through Meridian Capital Group, according to an announcement. The 5-year loan has a 5.74 percent rate.

A loan of nearly $2 million for apartment buildings in California helped Johnson Capital close over $100 million in deals last week, and, moreover, nearly $1 billion in arranged loans in the past two months. The company said it plans on expanding its staff and locations to handle the growing business.

Over in Minneapolis, Minn., a 70-unit multifamily property collateralized a $3 million loan that is to be repaid at a rate of 5.92 percent over a 10-year term, Meridian said.

In another Chicago deal, two multifamily properties totaling 26 units secured a 5-year loan of nearly $1.1 million with a 6.01 percent rate, New York-based brokerage Meridian reported.

In retail financing, StanCorp Mortgage Investors funded a $2.3 million loan for Gatorland Crossings at Hunter's Creek in Orlando, Fla., Thomas D. Wood reported. The 10-year loan has a fixed-rate of 6.625 percent and 25-year amortization. The loan-to-value for the 11,700 square-foot retail center is 70 percent.

A $2.5 million loan was issued for a 23,552-square-foot retail property in Cincinnati, Ohio, at a rate of 6.49 percent over a 10-year term, Meridian said.

Johnson Capital announced a $28 million loan for a retail complex in Seattle, Wash.

City Center Retail LLC received a $58 million construction loan for the third phase of Showcase Mall, a 95,800-square-foot retail center to be built on the Las Vegas Strip, Holliday Fenoglio Fowler L.P. said. KeyBank N.A. funded the two-year construction loan with a 75% loan-to-cost.

photo of Chicago multifamily
photo of West Seneca property A 17,000-square-foot retail plaza was the collateral for a first mortgage of about $2.2 million over in West Seneca, N.Y., Largo Real Estate Advisors Inc. announced. The property collateralized a 10-year fixed-rate loan with a 30-year amortization schedule.

Glimcher Realty Trust announced it purchased Florida-based Merritt Square Mall, subject to an existing $57 million mortgage loan with a fixed rate of 5.35 percent that matures Sept. 1, 2015. With approximately 804,000 square feet of gross leasable area, the mall's anchor retail stores include Dillard's, Macy's, JCPenney and Sears.

Cedar Shopping Centers Inc. announced it assumed an $86 million exiting first mortgage, with a weighted average interest rate of less than 6 percent, on six shopping center properties it purchased for $117 million. Two of the properties are located in Massachusetts, and the remaining four are in Connecticut, New York, Maryland and Pennsylvania, all aggregating 870,000 square feet of gross leasable area.

In office property activity, Advantus Capital Management funded a $4.9 million loan for the Blue Heron Office Building in St. Petersburg, Fla., Thomas D. Wood and Co. announced. The 51,241-square-foot property secured a fixed-rate of 6.17 percent over 10 years with a 25-year amortization and loan-to-value of 72%.

Advantus also provided a $9 million loan for the refinancing of the Bakker Office Buildings in Bradenton, Fla., at fixed rate of 6.23 percent for a 5-year term and a 25-year amortization. The three buildings, totaling 103,848 square feet, are home to major tenants such as Bank of America and Wells Fargo, Miami-based Thomas D. Wood said.

Northpointe Commerce Park in Amherst, N.Y., found a 10-year fixed-rate loan of $33.1 million through Getzville, N.Y.-based Largo, according to an announcement. The loan for the 52-acre office park, which holds the headquarters of Zenith Acquisition, amortizes over a 30-year period.

Lehman Brothers provided a 10-year, fixed-rate securitized loan of $38.2 million to the Adler Group secured by Interstate Corporate Center in Norfolk, Va., Holliday announced. The 381,759-square-foot office campus holds 15 buildings across 29 acres.

phtoto of Northpointe Commerce Park
A $24.5 million loan for an office complex in Dallas, Texas, was reported by Johnson Capital.

The latest activity was topped by a $500 million financing secured by Financial Square, a Class A office tower in downtown Manhattan featuring over 1.1 million square feet of office space, according to Holliday, based in Miami. Beacon Capital Partners will acquire the building through the 5-year, fixed-rate loan it received from Met Life Real Estate Investments, New York State Teachers Retirement System and GE Pension Trust. Tenants include Goldman Sachs, AIG, Bank of New York, HIP, Daiwa and the U.S. General Services Administration.

Hotel activity included $24 million in financing and joint venture equity for a 150-room, Hyatt Place hotel to be developed in Birmingham, Ala., Holliday said. The joint venture between Welden Field Group and Corporate Realty Development received $19.35 million through a 5-year construction loan by Capmark Finance and the $4.9 million joint venture equity investment from SRI Ventures LLC.

Meanwhile, the Baltimore Waterfront Marriott Hotel secured a $75 million permanent loan financing for UBS Global Asset Management, Global Real Estate, Holliday said. The 7-year fixed-rate loan for the 32-story, 754-room, Maryland property was provided by MetLife Real Estate Investments.

Boston, Mass.-based Love Funding announced it closed a refinance loan of nearly $7.3 million for Casa Otonal Housing Corp., a 105-unit senior housing property in New Haven, Conn. The government-insured, fixed-rate loan, with a 6 percent interest rate and 35-year amortization, replaced a $6.1 million loan that carried a 9.25 percent interest rate.

The Vineyards at Blue Point, a senior living development project in Long Island, N.Y., secured land acquisition financing of $18.4 million for Ornstein Leyton Co., Holliday announced. The financing for the 280-unit project consisted of a $6.9 million adjustable-rate senior loan from M&T Bank and an $11.5 million mezzanine loan with Square Mile Capital Management LLC & Latus Partners LLC.

John Hancock Life Insurance Co. provided MDG Realty LLC with a $10 million first mortgage for a five-property, 259,537-square-foot industrial portfolio in Woburn, Mass., Holliday announced.

New Jersey-based Kennedy Funding announced it provided a $15.1 million loan for the Blackwell Human Services Campus, a Pennsylvania mental held care center that was on the verge of closing due to previously acquiring a sizeable mortgage with a three-year note that had its maturity moved up two months and increased by almost $1 million.


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

e-mail: [email protected]



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