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Double X Transactions

Recent commercial mortgage activity

January 28, 2003


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PW Funding Inc. announced it provided almost $22.9 million in mortgage financing for Bristol Village Apartments in Bloomington, Minn. The financing is comprised of $17 million tax-exempt refunding bonds and an almost $5.9 million new issue of taxable bonds. The variable rate tax-exempt and taxable bonds were credit enhanced by Fannie Mae and were rated Aaa/VMIG1. The new loan fully amortizes over 30 years. The loan has a debt service coverage of 1.20x and a loan-to-value of 76%. Bristol Village is a 290-unit complex and was 94% occupied at loan closing.

A group whose members include Orazio Finocchiaro and Thomas Torbert sold 40 acres of home-building land in Miami-Dade County, Fla., to Redlands Acres Family Homes Development Corp., for $1.2 million, according to the Miami Herald. The financing was for $900,000 through TerraBank. The land previously sold for $400,000 in 1992.

JLS of Florida City sold land on U.S. 1 in Florida City to U.S. 1 Commercial Real Estate Investments for $2.17 million, the Miami Herald reported. The borrower assumed a Coconut Grove Bank first mortgage in the amount of $920,000 at a half-point over prime.

Miami Milano Corp. sold a 39,786 sq.-ft. warehouse to Z J Audy Investments, the Miami Herald reported. The assessed value of the warehouse, built in 1924, is almost $1.32 million. The financing was a $1.34 million purchase money mortgage.

Washington Real Estate Investment Trust acquired Fullerton Industrial Center in Springfield, Va. for $10.6 million in cash, according to Dow Jones Newswires. The transaction is subject to the assumption of the existing mortgage of $6.6 million. Washington Real Estate will assume Fullerton's existing mortgage and pay about $4 million in cash for the center. The mortgage bears a 6.77% rate and matures Sept. 30, 2006. The three-building industrial center is located in Fullerton Industrial Park, contains 137,405 rentable sq. ft., and is 100% leased to 16 tenants.

The Dallas office of Holliday Fenoglio Fowler announced it arranged a $92 million refinancing for Renaissance Tower, a Class A office building located in Dallas. The seven-year, fixed-rate financing was arranged on behalf of Trizec Properties, Inc. through Bank of America CMBS Capital Markets, a conduit lender. A highly visible building, marked by its double "X" lighting, Renaissance Tower is the second largest office building in Dallas. The tower is more than 1.7 million sq. ft. and includes Class A office and retail space, along with a food court pavilion and cafeteria. Major tenants include Blockbuster, Inc.; SWS Securities, Inc.; Godwin Gruber, PC; Transamerica Real Estate Tax Service, Inc.; Winstead Sechrest & Minick, PC; and The Neiman Marcus Group. The complex is at the center of the underground tunnel system through the central business district. Originally completed in 1974 with renovations in excess of $103 million from 1986 to 1992, the building was 89% leased at year-end 2002.

The Indianapolis office of Holliday Fenoglio Fowler, L.P announced it arranged permanent financing totaling $8.8 million for two retail properties, Westgate Plaza Shopping Center in Indianapolis and Whitehall Crossing in Bloomington, Indiana. The $3.6 million, 10-year, 5.75% fixed-rate, securitized permanent financing for Westgate Plaza Shopping Center was arranged on behalf of Westgate Plaza, LLC, an Indiana limited liability company. The $5.2 million, 10-year, 6.19% fixed-rate, securitized refinancing was arranged for Whitehall Crossing Parcel D & Lot 3 on behalf of Whitehall Crossing, LLC, also an Indiana limited liability company. Both financings were arranged through JP Morgan Mortgage Capital. Westgate Plaza Shopping Center is a 66,469 sq.-ft. neighborhood retail. The 25-year-old center has undergone a complete renovation that was completed in 2002. Kroger is the anchor tenant. The center is currently 100% leased. Whitehall Crossing is comprised of two separate retail assets in Bloomington, which are situated on more than eight acres of land and comprise 71,085 sq. ft. Both lots are 100% leased.

The Houston office of Holliday Fenoglio Fowler announced it arranged an $8.2 million acquisition loan for the 13401 North Freeway Office Building, a 143,410 sq.-ft., seven-story Class A office building located in Houston. The seven-year, fixed-rate financing was arranged on behalf of the buyer, ML Realty Partners LLC through MONY Life Insurance Company, a non-correspondent life company. 13401 North Freeway Office Building, the former headquarters of Compaq, sits on a six-acre property, which contains a three-level, 390-space parking garage and two surface lots. The building was completed in 1983 and is currently 100% leased by ExxonMobil.

The Boca Raton office of Holliday Fenoglio Fowler announced it arranged a $14.1 million refinancing loan for three Palm Beach County office buildings: The Harvey Building, 6801 Lake Worth Road, and 5700/5702 Lake Worth Road. The properties are located in West Palm Beach, Lake Worth, and Greenacres, Fla., respectively. The five-year, adjustable-rate financing was arranged on behalf of The David Associates through South Trust Bank, a bank/thrift lender. The three buildings included in the portfolio total 176,567 sq. ft. The Harvey Building is a 14-story building and is 84% leased. 6801 Lake Worth Road is a three-story office building and includes a free-standing Wachovia Bank branch and is 98% leased. 5700/5702 Lake Worth Road is a three-story office building and a single-level commercial strip center, both 100% leased.

The same Boca Raton office announced it arranged a $6.8 million refinancing loan for Linton International Plaza, a two-story mixed-use center with office, restaurant, and retail space located on Delray Beach, Fla. The 10-year, fixed-rate securitized financing was arranged on behalf of The David Associates III Land Trust through Wells Fargo Commercial Mortgage, a conduit lender. Linton International Plaza is an 83,085 sq.-ft. center situated on more than nine acres. The property is comprised of a two-story office building, a 3,000 sq. ft. out-parcel, and an additional 6,000 sq.-ft. freestanding single-tenant retail building. Tenants of the complex include Wachovia Bank and State Farm Insurance. The center more than 98% leased.

The Westport, Conn. office of Holliday Fenoglio Fowler announced it arranged a $7 million permanent loan for Mohegan Lake/Route 6 Plaza, a newly constructed, 35,660 sq.-ft. CVS-anchored shopping center located in Yorktown, N.Y. The 10-year, fixed-rate financing was arranged on behalf of Celestial Capital Group, Inc. through Salomon Smith Barney, a conduit lender. The rate was below 6%. Mohegan Lake/Route 6 Plaza is leased to tenants including Charlie Brown Restaurant, Subway, and Verizon. The property is nearly 100% leased.

The Los Angeles office of Holliday Fenoglio Fowler announced it arranged a $51.5 million loan to retire the construction debt for Jordan Landing Plaza Phase I, a 405,802 sq.-ft. regional center located in West Jordan, Utah. The two-year (plus three one-year options), adjustable-rate securitized financing was arranged on behalf of a venture between Oaktree Capital Management, LLC and Russell W. Grosse Development Co. through Bear Sterns Commercial Mortgage, Inc., a conduit lender. Completed in 2002, Phase I of Jordan Landing Plaza features entertainment and lifestyle tenants and is anchored by a 24-screen mega-plex theater operated by Cinemark Theaters. Jordan Landing Plaza Phase I is currently 91% leased to tenants including Office Max.

Christy Robinson is the editor of MortgageDaily.com. She received a bachelor's degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at: [email protected]

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