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Oceans & Earthquakes

Last week's commercial mortgage loan activity

January 21, 2002


Glimcher Realty Trust announced that it completed permanent mortgage financing for its Hocking Valley Mall, a 180,000 square foot Kroger and Kmart anchored community center in Lancaster, Ohio. The $4.5 million mortgage matures in 2007, and has a fixed rate of 6.78%. The proceeds were used to pay down short-term debt.

Holliday Fenoglio Fowler, L.P. announced that it arranged $56 million in financing for The Presidential Towers, an oceanfront Hollywood, Florida 551-unit multifamily development. GE Capital Access obtained the interim bridge financing on behalf of Bainbridge/Fidelity. "This asset, which was built in 1967, was purchased on a very low yield going in, but its final value will be based on an investment by the new ownership of approximately $20 million on a substantial renovation of the project," said Holliday's Michael Kavanau said. "The loan structure was capitalized with 25 percent cash equity, which gave the lender a high degree of confidence."

Ocean Towers, a 317-unit southern California coop closed for repairs from damage due to the 1994 Northridge Earthquake, has been repaired. The luxury Santa Monica, California cooperative housing community required a seismic retrofit and other reconstruction work. While construction began in 1997, the project ran out of money in 1999 -- leaving the residents displaced. Washington D.C.-based National Cooperative Bank (NCB) says that at that point, it provided $2.25 million in emergency financing and a $6.1 million second mortgage that enabled the repairs, in addition to exterior upgrades, to be completed. NCB refinanced the property for $72 million in May -- the largest loan in NCB's history -- which paid off the original mortgage and provided funds for completion of the project. As a result of the refinancing, the coop obtained its permanent certificate of occupancy from the city of Santa Monica. In its announcement, NCB says all but 12 units are reoccupied.

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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