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Come On A Safari With Me

Last week's commercial mortgage activity

January 14, 2002

By SAM GARCIA

Southern California-based Venture West Funding, Inc. announced that it arranged an $8 million loan on Fireside Plaza, a 21,767 square foot upscale Santa Monica retail center. "This loan closed in December and helped us reach $630 million loan volume in 2001," said Venture West president Hal Rose.

GMAC Commercial Mortgage Corp. announced that it provided a $160,000,000 interim loan on a 686,172 square foot nine-building biotech/office complex near the Massachusetts Institute of Technology in Cambridge. Construction of One Kendall Square -- a predominantly laboratory/office space occupied by biotechnology tenants -- originally began in 1887.

Sonnenblick-Eichner Company said that it arranged first mortgage financing for The Anabelle Hotel, a 47-room full service boutique hotel, and the adjacent Safari Inn, a 55-room limited service hotel. The properties -- which both received renovations in the amount of $30,000 per room during the past 2 years -- are located in the Media District of Burbank, California. The non-recourse variable rate financing was provided by an undisclosed commercial bank. Commenting on the ability to finance hotels today, Elliot K. Eichner, the principal of Sonnenblick-Eichner, said "This transaction is significant for the hospitality industry as it proves that there is liquidity in the debt markets for hotel properties post September 11."

MortgageDaily.com
Holliday Fenoglio Fowler L.P. said it arranged $10.7 million in financing for a 121,245 square foot Dallas-area retail center. The 25-year fixed-rate loan was provided to a joint venture assembled by Cencor Realty Services, Inc., through MidFirst Bank of Oklahoma City.

Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

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