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Multifamily Deals Dominate Activity

Recent commercial mortgage activity

November 12, 2007


photo of Coco Salazar

Multifamily property deals accounted for half of the latest commercial loan transactions tracked by MortgageDaily.com, though they accounted for nearly 90 percent of the dollar volume.

photo of Bennington property

Over in Bennington, Vt., a 30,000-square-foot industrial building secured a $650,000 first mortgage, New York-based Largo Real Estate Advisors Inc. announced. The 5-year fixed-rate loan for the building, currently fully occupied by Timberline Panel Co., has a 25-year amortization schedule.

StanCorp Mortgage Investors funded a $1.7 million loan for the 11,000-square-foot Parkwood Medical Office Building in Kendall, Fla., Thomas D. Wood and Co. announced. The 20-year loan has a 6.75 percent fixed rate, 20-year amortization, and a loan-to-value of 72 percent.

The Quadrangle Shoppes in Orlando, Fla., secured a 2-year, interest-only construction loan of $2.2 million. An unnamed national banker funded the loan at a rate of 30-day LIBOR plus 210 basis points. BB&T Bank and FedEx-Kinko's will be major tenants of the 11,414 square-foot retail center, Coral Gables, Fla.-based Thomas reported.

A $3.2 million loan was collateralized by a 16,000-square-foot luxury apartment and retail complex in an upscale community in Somerset County, N.J. The first mortgage has a 30-year term, Minnesota-based NorthMarq Capital Inc. announced.

In Culver City, Calif., two multifamily buildings containing a total 60 units secured a $9.6 million refinance loan and enabled the borrower to cash out $1.5 million after owning the property for only six months, Meridian Capital Group announced.

Commercial activity was topped by a $21.4 million refinance loan for 10 multifamily properties located in West Hollywood and Los Angeles. Meridian, based in New York, said the portfolio of properties hold a total 203 units and secured rates as low as 5.6 percent for terms ranging between five and 10 years.

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

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