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Office, Apartment & Retail Deals

Recent commercial mortgage activity

December 11, 2007


photo of Coco Salazar

More than $700 million in recent commercial mortgage activity was tracked in this latest edition of commercial mortgage financing.

But first, Prudential has originated $232.9 million in affordable housing loans since the beginning of the year, according to a news release Wednesday.

Three multifamily properties in Pompano, Fla., found a $2.5 million loan though Meridian Capital Group. The New York-based brokerage said the refinancing for the properties, which total 48 units, carries a rate of 6.18 percent on a 7-year term.

Prudential Mortgage Capital Co. closed on a $3.0 million refinance loan collateralized by the 226-unit Candlelight Apartments in Liverpool, N.Y. The financing is insured by the Federal Housing Administration, according to an announcement by New Jersey-based Prudential Financial Inc.

Arbor Commercial Funding LLC announced it provided nearly $4.4 million in Fannie Mae-approved financing for the acquisition of Brandywine Townhouses Cooperative, a 238-unit complex in Atlanta, Ga. The deal's "A" piece is a $3.9 million, 30-year loan that amortizes on a 30-year schedule and carries a note rate of 6.65 percent, while the "B" piece consists of a $0.5 million, 52-month loan that amortizes on a 52-month schedule carries a note rate of 6.65 percent.

The Hickory Trace Apartments collateralized nearly $6.9 million at a rate of 5.69 percent over a 10-year term, Meridian reported. The Hickory, N.C., property has 230 units.

Over in Okemo, Mich., the 240-unit Berrytree Apartments secured a 10-year, $7.3 million acquisition loan that amortizes on a 30-year schedule and carries a note rate of 6.00 percent, Uniondale, N.Y.-based Arbor announced.

NewStar Financial Inc. funded nearly $13.2 million collateralized by the French Quarter Apartments, a 372-unit multifamily property in Wichita Falls, Texas, Holliday said. The Canyon Creek Development Inc. received the 3-year, adjustable-rate mortgage, with two one-year extension options.

Capmark Finance Inc. announced it originated non-recourse, interim loans totaling almost $26.5 million for five multifamily properties the Dallas and Houston markets. The interest only, two- and three-year term, fixed-rate loans are secured by the Meadowbrook Apartments and Parkside Apartments in Humble, Ashton Place in Grand Prairie, Ashwood Park in Pasadena, and Houston's Woodglen Village Apartment.

photo of ridgeway Building

Among office deals, over in Rochester, N.Y., the 21,000 square foot Ridgeway Building office and warehouse property secured an $0.7 million first mortgage with a 10-year fixed rate, one rate reset and a 22-year amortization schedule, Largo Real Estate Advisors Inc. announced.

StanCorp Mortgage Investors funded a loan of nearly $1.4 million for a 13-820-square-foot Bank of America office building in Longwood, Fla., Thomas D. Wood & Co. announced. The loan was secured at a permanent fixed rate of 6.50 percent for a 10-year term and a 25-year amortization, and has a loan-to-value of 75 percent.

Office/distribution center Exchange Way collateralized a $2.5 million, 10-year fixed-rate loan with a 30-year amortization schedule, Largo Capital said.

The Nielsen Media Center in Venice, Fla., secured a $3.2 million loan. Largo Capital Inc. said the single-story office building of 41,944 square feet was structured on a 10-year self-amortizing loan.

A 43,540-square-foot office building collateralized a $6.0 million refinancing provided by GE Real Estate Business Property, Holliday announced. The property, 101 Oakview Drive, secured a 10-year, fixed rate.

Tuscany Commons, three Class A office buildings totaling 70,139 square feet in Venice, Fla., secured a 10-year, fixed-rate loan of $6.2 million, with a 25-year amortization schedule, Largo Capital said.

A $12.0 million loan was secured by a portfolio of four office buildings totaling 77,630 square feet in Bradenton, Largo Capital said, adding that the financing was structured on a 10-year term with 3-years interest only followed by a 30-year amortization schedule.

Largo Capital said it arranged a $17.6 million first mortgage secured by the Sunplex Business Center, a 213,474 square foot flex property in Clearwater, Fla., that consists of four buildings and is fully occupied by the U.S. Postal Service, among other tenants. The 10-year, fixed-rate loan is interest only for the first five years and is followed by a 30-year amortization schedule.

Northwestern Mutual provided a $22.5 million, 10-year, fixed-rate loan for the buyer of The Berkshire at Preston Center, a 16-story, Class A office building in Dallas. Tenants occupying some of the building's 184,794 rentable square feet including Smith Barney and First American Title, according to Holliday.

photo of Sunplex Business Center

Holliday Fenoglio Fowler L.P. said it placed a 3-year, $31.0 million construction ARM with Merrill Lynch Capital for the development of a 90,000-square-foot office building on the campus of Carl Karcher Enterprises Inc. in Anaheim, Calif. Karcher Partners, L.P. took out the loan.

In retail financing, a 15,120-square-foot Walgreen's in Las Vegas, Nev., found a $2.2 million refinance loan through correspondent lender of NorthMarq Capital Inc., according to a news release.

The Shoppes at Rangeline secured a $2.3 million loan, Largo Capital said. The Tillman's Corner, Ala., retail plaza has 12,970 square feet of space and was structured on a 10-year, fixed rate loan and 30-year amortization.

Bradenton Commons, a 23,714-square-foot retail plaza located in Bradenton, Fla., was financed for nearly $3.1 million on a 5-year fixed-rate loan with 30-year amortization schedule, Largo Capital said.

A $3.1 million financing secured by the Shoppes of Crossroads Commons in Plover, Wis., has a rate of 6.5 percent over 10 years, with a 30-year amortization, and a loan-to-value of 78 percent. The 14,336 square-foot retail center houses Starbucks, GNC and Citibank, Thomas D. Wood & Co. announced.

Galleria Plaza, measuring 92,719 square feet in Venice, Fla., secured $11.4 million through a 10-year fixed-rate loan, with a 25-year amortization schedule, Largo Capital said.

Park Center Pico Rivera secured $12.1 million in financing from Resource Real Estate, Holliday announced. The 2-year, ARM is non-recourse, carries an interest rate of 30-day LIBOR plus 3.25% and an advance rate to 85% of total capitalization inclusive of the reposition funds. The shopping center, located in East Los Angeles, has 55,039 square feet, Holliday said.

A first mortgage of $106.0 million was assumed by Cedar Shopping Centers Inc. in its $169.5 million acquisition of nine supermarket-anchored shopping centers, a press release said Monday. Eight of the nine properties are located in Pennsylvania and one in Massachusetts. The company also said in completed the acquisition of two retail properties in Massachusetts and New Jersey, assuming $14.6 million in first mortgages.

photo of Hotel Fifty

Among hotel deals, Sonnenblick-Eichner Co, reported it arranged a $19.3 million first mortgage to finance the purchase of the 140-room Hotel Fifty in downtown Portland, Ore., including $7 million for renovations. The non-recourse loan has a term of 5-years and floats over LIBOR.

Prudential announced today it closed an $87.8 million refinance loan secured by the HRC Hotel portfolio, a group of hotels numbering eight in Indiana, four in Michigan and one in Clearwater, Fla. that consist of eight Hampton Inn Hotel and Suites, four Homewood Suites and one Baymont Inn and Suites. The financing consisted of an $80.1 million senior loan with a 10-year term and 30-year amortization and a $7.7 million mezzanine loan with a 10-year term and 10-year amortization.

Ashford Hospitality Trust Inc. announced it originated a $21.5 million mezzanine loan for NCH/Transwest that is secured by its acquired interest in the Westin La Paloma Resort & Spa in Tucson, Ariz., and the Westin Hilton Head Resort in Hilton Head, S.C. The loan has a fixed rate of 14 percent for 10 years and is interest only. The Arizona hotel, with 487 rooms, and the South Carolina hotel of 412 rooms also secured a $209.0 million first mortgage originated by JPMorgan.

Largo said it arranged a 20-year, self-amortizing $2.1 million first mortgage for a 49,044-square-foot industrial building in St. Augustine, Fla.

Frontier Parmer Storage, a to-be-built self storage facility in Austin, Texas, secured a $5.5 million, 5-year construction/mini-permanent loan, which is equal to 75 percent of the total project cost, Holliday announced. The property will be three stories high, with 804 units across 78,498 square feet. Fowler Property Acquisitions LLC received the funding from Fidelity Bank, a correspondent lender of Holliday.

photo of St. Augustine industrial property

The Solectron distribution facility of 182,165 square feet in Durham, N.C., collateralized a $6.4 million 3-year bridge loan, Largo Capital said.

Rob Riner Cos. received a $16.4 million, 3-year, adjustable-rate construction loan from Frost Bank for a speculative distribution facility in the Carter Distribution Center development in Fort Worth, Texas. Due for completion in June 2008, the multi-tenant facility will feature 615,000 square feet and be the first building within the Carter center, Holliday reported.

Deutsche Bank Mortgage Capital LLC provided a $33.9 million loan to The Gateside Corp. that is collateralized by a 40,500-square-foot retail condominium within the Royale, a 42-story, 205-unit residential condominium tower on Manhattan's Upper East Side, Holliday announced. The 10-year, fixed-rate financing has a 70 percent LTV and a 5-year interest-only period. Tenants of the retail condominium portion, which is located on the first, second and below-grade levels of the building, include anchor-tenant A&P Supermarket, and Citibank and Gruen Optika.

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

e-mail: [email protected]

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