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Artery & RTC

Commercial mortgage loan activity for last week

February 19, 2002

By SAM GARCIA

GMAC Commercial Mortgage Corporation said that it arranged $49 million in floating-rate interim financing for a 270,000 square foot office building in Maryland. The class-A 12-story property, known as Artery Plaza, is located in the heart of Bethesda.

Emeritus Assisted Living announced that it has closed on mortgage financing secured by 3 properties totaling $30.5 million. The financing was provided by GE Capital Healthcare Financial Services and is structured as floating rate debt with a two year term and a one year extension option. This loan fulfills the requirement to reduce indebtedness on a previously announced extension of $73.3 million outstanding mortgage debt originally due April 29, 2001, and allows Emeritus to extend the remaining $43.0 million to May 2003. The remainder of the portfolio can be released as the individual properties qualify for new debt financing.

MortgageDaily.com
DebtX announced that the FDIC chose it to market a $36 million pool of commercial mortgages managed by the Resolution Trust Corp. (RTC). The assets include office, retail, mixed use and other commercial buildings belonging to former thrifts and savings and loans taken over by the RTC. The loans, known as RTC Series 1992-C1 Trust, have been divided into three performing pools and one Special Service pool.

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.

email: [email protected]

Copyright © 2002 Sam Garcia

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