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.


Multifamily, Retail Activity Soars

Recent commercial mortgage activity

October 31, 2007

By COCO SALAZAR


photo of Coco Salazar

MortgageDaily.com tracked a total of 38 commercial mortgage transactions for $712.1 million during the past 12 days. Included in the activity were 10 multifamily deals totaling $64.5 million, nine retail properties financed for $41.5 million and one mixed use property financing for $343.0 million.

Hammond Gardens, a 46-unit multifamily property located in Philadelphia, Penn., secured a $1.5 million loan with a rate of 6.16 percent over a 10-year term, Meridian Capital Group announced.

The Spencer Place Apartments in Philadelphia secured 10-year loan of $2.5 million at rate of 6.16 percent, Meridian reported. The multifamily property has 57 units.

A $3.6 million loan was collateralized by the Willowood Apartments, a multifamily property of 20 townhomes and 125 units in Dayton, Ohio. The 10-year loan holds a rate of 6.39 percent and represented 87 percent loan-to-cost, Meridian said.

Capmark Finance Inc. recently announced it originated permanent refinancing for two multifamily properties in Houston. One was a $3.65 million loan for Ashley Crest Ltd. secured by 168-unit Ashley Crest Apartments at a 5.99 percent fixed-rate and the other a $4.05 million loan for Salitex I Ltd. secured by the 202-unit Cimarron Landing Apartments at a rate of 6.02 percent. Each loan has a 10-year term with a combination of a partial interest-only period and a 30-year amortization period for the remainder of the term.

An interest-only loan of nearly $4.3 million was secured by the Merritt Island Garden Apartments, Thomas D. Wood & Co. announced. The loan-to-value for the 101-unit apartment complex in Florida is 75 percent and must be repaid at LIBOR plus 250 basis points.

The Lakewood Hills Apartments in North Little Rock, Ark., secured $9.5 million in 5.92 percent fixed-rate, permanent refinancing, according to California-based Capmark. RCP Lakewood LLC will repay the 70 percent LTV loan over a 10-year term with interest-only payments. The property holds 34 apartment buildings, totaling 260 garden-style units.

Bammelbelt LP received a $10 million loan from Allstate Investments LLC for the 145-unit Greenbriar Chateau multifamily property in Houston, Texas, NorthMarq Capital Inc. announced.

A $10.7 million loan was issued for Lauder Ridge Apartments, a 152-unit multifamily property in North Lauderdale, Fla., Meridian said. The financing carries a 6.25 percent rate over a 3-year term with one year interest only.

Over in San Diego, Calif., five Class-A apartment buildings containing a total of 133 units secured a $14.7 million purchase and refinance portfolio loan, California-based Venture West Funding Inc. announced. The 5-year, fixed-rate, interest-only loan has a rate below 6.0 percent.

In the world of retail property mortgages, AUL provided to Robert Kaplan Trust a $1.5 million first mortgage secured by a ground lease that holds a Regions Bank branch as a tenant in Glen Carbon, Ill. The loan has a 20-year term with a 20 year amortization schedule, NorthMarq said.

StanCorp Mortgage Investors provided a $650,000 loan for Rooney Enterprises, a 7,249-square-foot retail center and car dealership in Kissimmee, Fla., Thomas reported. The loan has a fixed rate of 6.5 percent over a 10-year terms, with a 25-year amortization, and the loan-to-value is 65 percent.

photo of Museum Place Mall

Over in Salem, Mass., the Museum Place Mall secured a $6 million loan featuring a rate of 5.83 percent over a 10-year term. The 83,506-square-foot property houses 45 tenants, Meridian said.

Skymar Capital funded a $1 million financing secured by the College Crossing III retail center in Arlington, Texas. The 10-year loan has a fixed rate of 6.375 percent, a 25-year amortization schedule, and 75 percent LTV. The 6,035 square-foot retail center is home to Nebraska Bookstore, according to Coral Gables, Fla.-based Thomas.

ING funded a $1.8 million first mortgage for Temple Center Square, a 19,505-square-foot retail property in Austin, Texas, NorthMarq said.

A Chuck E. Cheese Restaurant in San Jose, Calif., found financing of $4.6 million through a local banking institution, Thomas announced. The 10-year loan with 30-year amortization has a fixed rate of 6.625 percent for the first five years of the loan, which has is 75 percent LTV.

Bank of America funded an $8.9 million first mortgage for the 66,323-square-foot Gander Mountain retail property in Farragut, Tenn., as well as a $7.8 million first mortgage for the Winchester, Va., Gander Mountain of 57,730 square feet, NorthMarq said.


The Village Green Shopping Center, a 56,766 square-foot property in East Brunswick, N.J., reportedly found a $9.2 million loan through Meridian. The 10-year loan with a rate of 6.36 percent "survived the market strain in August and was quickly converted from a Wall Street lender to a savings bank loan and closed within 40 days."

A $7 million first mortgage was secured by the Hampton Inn & Suites in Meridian, Idaho. NorthMarq said it arranged the financing for the 128-room hotel through its correspondent relationship with Artesia.

In office financing, AgriCap Financial Corp. said its recent transactions include a purchase and development loan of $4.6 million secured by a medical office building in Jacksonville, Fla. Other transactions by the California-based company, which says it specializes in commercial hard money and bridge financing, include a $3 million refinance loan secured by income-producing agricultural land in Bakersfield, Calif..; a $1.7 million land purchase loan for a residential development/estate lots property in San Diego, Calif.; a $900,000 purchase loan for a carwash in Sacramento, a $790,000 refinance for a golf course clubhouse in Trinidad, Colo.; and a $1.75 million refinance loan for land in Boise, Idaho.

photo of Village Green Shopping Center

Other office building activity included arrangements by NorthMarq for Bammelbelt LP to receive a 3-year interest only loan of $6.5 million from ViewPoint Bank secured by the 123,400-square-foot Fountainview Office Buildings in Houston and for Delaware Investments to fund a $4.7 million first mortgage for 35,000-square-foot On-Campus Medical Office Building -- Northwest Hospital in Tucson, Ariz., on a 10-year term with a 30-year amortization schedule.
photo of Central Market Hall


Mixed use development activity included a loan for $1.8 million issued for the Central Market Hall, a four-story mixed-use building in Lancaster, Penn. The 10-year loan for the property, which contains 34 multifamily units, 14 retail spaces and 17,320 square feet of commercial space, must be repaid at rate of 5.82 percent, New York-based brokerage Meridian said.

Financing of $9.1 million was secured by Mansfield Square Village, a mixed-use building with 42,667 square feet of medical office space and 21,333 square feet of retail, Meridian said. The construction loan for the Mansfield, N.J., property holds a rate of 7.8 percent over a 36-month term plus a 3-year fixed permanent loan with a 7-year option. During construction portion, the loan is interest-only.

Arbor Realty Trust Inc. said that, as part of an investor group, it sold 50 percent of its economic interest in the 1107 Broadway property. The partnership was recapitalized with a $343 million loan, of which approximately $203 million was funded and the unfunded portion will be used to develop the retail and residential property. Arbor said it received net proceeds of approximately $39 million from this transaction.

Prudential Mortgage Capital funded a $14.5 million first mortgage for the acquisition of Olive Grove Senior Living Resort, a 212-unit property in Riverside, Calif. Olive Grover Properties LLC will repay the loan, which has a 5-year term with 2 years interest only then a 30-year amortization schedule, Minnesota-based NorthMarq said.


A loan for almost $183.9 million was issued for the Kings/Queens Portfolio, 22 multifamily buildings totaling 2,104 units and six commercial spaces, Meridian announced. The financing is to be repaid at a rate of 5.875 percent over a seven-year term. The properties are located in Brooklyn, Queens and Staten Island, N.Y.

Missouri-based Love Funding announced closed a $16.4 million acquisition loan for three senior healthcare properties in Georgia and Idaho. The non-recourse loan for the total 172 units purchased by a Tenant In Common sponsor carries an interest rate of 7.3 percent, a 10-year term and a 30-year amortization period that follows a two-year interest only period.

Thomas announced Ambit Funding provided three financings for Florida properties. These consisted of an 18-month loan of $1.2 million for a to-be-built Publix-anchored shopping center of 88,000 square feet in Kissimmee; a 24-month construction loan of $1.5 million for the 50-unit Tampa West Townhomes project; and a 24-month loan of $450,000 for 3.6 acres of land in Melbourne where the Sarno Road Industrial project will be built.

photo of Kings/Queens multifamily buildings
Capital One bank provided 36-month term interest only construction financing of $3.4 million for Royal Storage in Prosper, a 466-unit self-storage facility in Prosper, Texas, NorthMarq reported.

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