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Commercial Mortgage Transactions

Recent commercial mortgage activity

November 7, 2007


photo of Coco Salazar

Healthcare, office and multifamily properties secured many of the latest commercial mortgage transactions tracked by MortgageDaily.com. Fannie Mae funded a senior housing deal while Freddie Mac acquired one of several multifamily deals.

But first, Prudential Mortgage Capital Co. announced closing on a $56 million for Nationwide Health Properties portfolio, a group of six senior-living communities with 453 units in Florida, Colorado and South Carolina. The 5-year mortgage has a fixed-rate.

St. Louis-based Love said it originated a $1.87 million loan secured by the Stonecrest Healthcare nursing facility at an interest rate of 6.15 percent and amortization of 35 years.

Kensington Park Retirement Community, a 163 unit, three-building complex in Maryland found $16 billion in financing, Prudential reported. The 10-year loan has a fixed rate.

A partnership between Northwest Care and AEW Senior Housing Company LLC closed on a $27.3 million mortgage secured by three assisted-living and healthcare facilities in Washington, prudential announced. The fixed-rate Fannie Mae loan has a five year term.

Advantus Capital Management funded a $2.6 million loan for the Kelsey Warehouse Buildings, a 53,984 square-foot complex of three single-story buildings in Pembroke Park, Fla. The loan, which has a permanent fixed rate of 6.70 percent, is co-terminus with an existing loan, which was originally a 10-year loan with approximately eight years remaining, a 25-year amortization, and LTV of 53 percent, according to Coral Gables, Fla.-based Thomas.

Capmark Finance Inc. announced it originated 10-year, fixed-rate, refinance loan of $17.8 million with 30-year amortization for the Cowan Industrial Park in Nashville, Tenn. Soundcheck, LLC, Unisource Worldwide Inc. and Nashville Office Interiors are among the tenants of the property, which consists of five industrial buildings, totaling 588,768 square feet, that have office space in the front and a warehouse area in the back.

StanCorp Mortgage Investors provided a $5 million loan collateralized by the Pine Island Fountain Shoppes, a 40,151-square-foot retail center in Cape Coral, Fla. The fully-amortizing, 15-year loan has a permanent fixed-rate of 6.375 percent and loan-to-value of 43 percent, Thomas D. Wood & Co. announced.

In office financing, Causeway Professional Center, an office building of 10,123 square feet in New Smyrna Beach, Fla., secured a $650,000 loan from StanCorp Mortgage Investors. The 15-year, full-recourse loan has a fixed-rate of 6.50 percent and 15-year amortization, Thomas reported.

Countrywide Commercial Real Estate Finance funded an $8.35 million interest only loan for the acquisition of 1190 and 1210 South Bascom Avenue, two office buildings totaling 63,611 square feet in San Jose, Calif., Holliday, Fenoglio Fowler LP announced. Barry Swenson Builders agreed to repay the 5-year loan at a fixed-rate of 6.4 percent.

ING Investment Management funded a $20 million first mortgage secured by 9 Entin Road, a 196,894-square-foot office building in Parsippany, N.J., Holliday announced. UBS Global Asset Management Global Real Estate will repay the fixed-rate loan over 36-month term.

In the world of multifamily fundings, the 44-unit Orchard Park Apartments in St. Louis, Mo., secured a $770,000 loan with a 6.29 percent interest rate, 10-year term and 25-year amortization, while the 60-unit Villa St. Cyr Apartments secured a $1.0 million loan with those same terms, Love Funding announced.

The Sierra Vista II Apartments, a 228-unit property in Tempe, Ariz., found $1.39 million in first mortgage financing through NorthMarq Capital Inc., according to an announcement. Parkway Associates LLC received the loan under Freddie Mac's Streamlined Refinance Program.

photo of the Creekside Apartments

Largo Real Estate Advisors Inc. announced it arranged a $2.74 million first mortgage for Creekside Village Apartments, five two-story buildings holding 80 units in Tonawanda, N.Y. The 10-year, fixed-rate loan has 30-year amortization.

KC Pheasant Associates LLC received a $6.25 million Freddie loan for the Pheasant Run Apartments, a 160-unit property in Lee's Summit, Mo., NorthMarq said.Arsenal Real Estate Funds provided an $8.1 million joint venture/equity capital secured by the Sunrise Apartments, a 384-unit complex in Round Rock, Texas, according to Minnesota-based NorthMarq.

Arsenal Real Estate Funds provided an $8.1 million joint venture/equity capital secured by the Sunrise Apartments, a 384-unit complex in Round Rock, Texas, according to Minnesota-based NorthMarq.

Over in Dallas, Texas, Alexan Design District secured $15.5 million in participating mezzanine debt with a 5-year term from Babson Capital, NorthMarq reported. The multifamily property holds 351 units.

Juniper Investment Group obtained a 3-year, adjustable-rate $26 million loan from GE Real Estate secured by a portfolio of three multifamily properties totaling 833 units in North Carolina named the Brannon Park, Casa del Sol and Casa del Lago, according to Holliday, a subsidiary of Pittsburgh, Penn.-based HFF Inc.

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

e-mail: [email protected]

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