Multifamily activity again dominated the latest commercial mortgage activity, though multiple office transactions were originated. Deals tracked in this edition totaled nearly $200 million.
Lehman Brothers provided a $7.1 million first mortgage for the acquisition of Pleasant Run Apartments, a 240-unit property in Lancaster, Texas, NorthMarq Capital Inc. announced.
Villa Vincennes, an 80-unit apartment community in San Fernando Valley, Calif., collateralized a $13.3 million construction loan by Principal Global Investors, Holliday Fenoglio Fowler LP announced. Southbrook Equity agreed to a 12-year term and fixed rate on the construction-to-permanent loan for the property, which is due for completion in 2009.
Joint venture equity placement of $12.0 million was secured by 18301 Von Karman Avenue, a 230,600 square foot office property purchased by The Hearn Co. and Diversified Real Estate Capital, NorthMarq reported. Major tenants of the Irvine, Calif., property are Golden State Foods and Compuware Corp.
A 31-story luxury apartment building in New York with 156 units secured a $61.0 million loan arranged for Lalezarian Properties, Meridian Capital Group announced. The building also has 1,800 square feet of commercial space.
In retail property financing, PNC Bank funded a $2.3 million first mortgage for Tractor Supply, which fully occupies the 19,104-square-foot building in Millersburg, Ohio, NorthMarq reported. The 10-year loan has a 30-year amortization schedule.
Over in Chicago, a Loehmann's Department Store secured $12.0 million in financing from Citigroup Global Markets Realty Corp. The loan for the two-story property of 27,385 square feet has a 10-year term with interest only for 3 years then a 30-year amortization schedule, NorthMarq said.
In the world of office building financing, First National Bank & Trust Co. funded a $4.7 million construction/mini-permanent loan secured by to-be-built Doctor's Hospital Medical Office Building in Bridgeport, Texas. The three-story, Class A building is due for completion at the end of 2008 and is 70 percent pre-leased. The loan borrower is West 380 Medical Office Building LLC, according to Holliday, a subsidiary of Pittsburgh, Penn.-based HFF Inc.
In Washington, D.C., 1900 M Street NW secured a $53.0 million loan by Anglo Irish Bank. Dweck Properties agreed to a 5-year, fixed-rate loan. The fully-leased 111,531-square-foot building has eight stories of office space, ground floor restaurants and retail shops, an underground valet parking garage and houses Grant Thornton, the American Society of Hematology and Levick Strategic Communications, Holliday reported.
Northline Industrial received a $1.4 million loan secured by a 21,600-square-foot, multi-tenant, industrial property in Cornelius, N.C. JPMorgan Specialty Assets funded the 10-year loan with a 30-year amortization schedule, Minnesota-based NorthMarq said.
Meridian said it arranged a $3.4 million refinance loan for a Trinity International University building in Davie, Fla. The non-recourse mortgage, which was made to StreamLine Management through GE's SMART program, had a 6.84 percent rate and a 10-year term. Total costs reportedly were $6,500.
Best Western Sea Wake Beach Resort in Clearwater Beach, Fla., collateralized a 10-year fixed-rate mortgage of $21.1 million, which features interest-only payments for the first two years and replaces a full-recourse, floating-rate mortgage. An affiliate of a Wall Street investment bank funded the first mortgage for the 110-room resort of six stories nestled on 500 feet of private beach land, Santa Monica, Calif.-based Vista Capital Co. announced.