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$1.5 Billion NYC Property Financed

Recent commercial mortgage activity

December 3, 2007

By COCO SALAZAR


photo of Coco Salazar

Commercial mortgage deals were tracked during the latest week for office buildings, apartment complexes and hotels worth over $1.6 billion -- though one property accounted for more than $1.5 billion.

photo of Rancho Dominguez property

Nationwide Life Insurance Co. funded a $5.5 million refinance loan secured by an industrial property in Rancho Dominguez, Calif. The 10-year loan has a 25-year amortization schedule. Transport Express and Color Ad Inc. are major tenants of the 87,536-square-foot facility, NorthMarq Capital Inc. announced.

In multifamily fundings, Missouri-based Love Funding announced it closed a $1.7 million refinance of a new construction loan secured by the Plaza Apartments, a 62-unit complex in Statesville, N.C. The Federal Housing Administration-insured loan included a 5.95 percent interest rate with 40-year amortization, a savings of 1.55 percent from the original loan's rate.

Over in Voldosta, Ga., 106-unit College Station Apartments collateralized a $7.4 million financing at a rate of 6.25 percent over a 10-year fixed term, Meridian said.

The Ashley Apartments, a 266-unit multifamily property in Charlotte, N.C., secured an $8.8 million loan, Meridian reported. Bobby Zacharias will repay the financing at a rate of 5.87 percent over a three-year term.

Allianz of America Inc. funded $28.0 million secured by the Mediterranean Village, a 512 unit multifamily complex in Costa Mesa, Calif. NorthMarq said it negotiated the 30-year self-amortizing loan for an affiliate of E & S Ring.

Among office deals financed, Capmark Finance Inc. said it originated $15.0 million for the acquisition of Decatur Court for $16.3 million. Day Capital Partners is the borrower of the 76-percent, "as-is" loan, with a three-year, interest-only term, secured by the 131,621-square-foot, class-B office building in Decatur, Ga.

Citibank financed $2.5 million secured by Plaza One Retail, which measures 27,827 square feet, houses Kaeleen's Furniture and is located in Phoenix, Ariz. Lemeza Realities LP will repay the 5-year loan for the retail property on a 30-year amortization schedule, Minnesota-based NorthMarq said.

photo of Mediterranean Village

The Cedar Hill Town Center, a retail property of about 17,000 square feet in Texas, collateralized a first mortgage of nearly $3.3 million provided by JPMorgan Private Client Services, NorthMarq reported. Cedar Hill Shops LLC received the 10-year loan with a 30-year amortization schedule.

SL Green Realty Corp. has negotiated the acquisition of two New York office buildings for $1.575 billion, according to an announcement today. The adjacent buildings have more than 2.6 million square feet. The deal, expected to close this month, will be financed by Westdeutsche ImmobilienBank AG and PB Capital Corp.

photo of Hilton Garden Inn A to-be-built, 130-room Hilton Garden Inn in Arlington, Texas, found $13.8 million in financing through Meridian Capital Group. The New York-based brokerage said the loan for the ground-up construction of the hotel has a rate of 2.25 percent, plus LIBOR for a three-year, interest only term.

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

e-mail: [email protected]



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