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Retail Rules

Recent commercial mortgage transactions

November 23, 2007

By COCO SALAZAR


photo of Coco Salazar

While retail properties dominated the latest round of commercial lending activity, one multifamily deal came through and an industrial building secured the largest amount of funds.



In Fort Worth, Texas, the Lancaster Shopping Center secured a $0.6 million first mortgage funded by Government Personnel Mutual Life Insurance Co., NorthMarq Capital Inc. said. Square Foot Inc. will repay the 10-year loan on a 25-year amortization schedule.

StanCorp recently provided a $4.0 million mortgage for a Gold's Gym of 12,770 square feet in Miami Beach, Fla., Thomas D. Wood and Co. reported. The 15-year loan has a permanent fixed rate of 6.75 percent with a 25-year amortization and LTV of 60 percent.

A Burger King/Chevron Mini Mart secured a $0.7 million 25-year first mortgage with 25-year amortization, Minnesota-based NorthMarq said. The Sun Enterprises Holding Inc. received the funds for the Hampton, Ga., property of 6,651 square feet from StanCorp Mortgage Investors LLC.

MNA Properties LLC secured a 3-year $1.9 million bridge loan at an interest rate of 8 percent, 25-year amortization and loan-to-value of 55 percent. The two-story office building of 43,655 square feet is located in Miami, Fla., according to Coral Gables-based Thomas.

photo of Burger King



NorthMarq said it arranged equity financing of $9.6 million and a first mortgage of $30.3 million for the purchase of a pair of first-class office buildings in Morris County, N.J.

The largest loan in this round of commercial activity -- $78.0 million in fixed-rate, permanent financing -- was funded by Met Life and backed by seven Class A industrial properties in the Midwest, totaling nearly 2.5 million square feet. Capmark said it originated the loan for Liberty Illinois LP.

Over in Rochester, N.Y., the Inn on Broadway collateralized a $2.5 million first mortgage funded by Canandaigua National Bank, NorthMarq said. The property includes a 23-room boutique hotel and Tournedos Steakhouse.

A refinance loan of $2.0 million was secured by the Outdoor RV Storage Co. in Fort Myers, Fla. Stancorp funded the loan based on a permanent fixed rate of 6.75 percent for a 5-year term, 25-year amortization, and LTV of 75 percent, Thomas D. Wood and Co. announced.

Freddie Mac approved a $51.0 million loan collateralized by the Hawthorne House, a Chicago, Ill., multifamily property of 455 units. California-based Capmark Finance Inc. said it originated the 10-year loan with a 5.74 percent interest rate and 30-year amortization schedule, which includes an interest-only period.

photo of Inn on Broadway

photo of Heritage Point

Heritage Pointe, a 96-unit assisted living facility in Omaha, Neb., reportedly found bridge financing of $12.7 million through NorthMarq. Merrill Lynch Capital funded the loan issued to Heritage Pointe LLC based on a 3-year term interest only.


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

e-mail: [email protected]



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