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Multifamily, Retail Activity Soars

Recent commercial mortgage activity

October 31, 2007


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.

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