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A Place to Sleep

Recent commercial mortgage transactions

February 28, 2003


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Wellsford Real Properties, Inc. announced it obtained a $40 million mortgage loan from a major insurance company on its 424-unit Green River rental phase of its Palomino Park residential development in Highlands Ranch, Colo. It's a non-recourse loan with a 10-year term, a 5.45% interest rate per annum, and a 30-year amortization period. Wellsford said it used the proceeds to repay a $37.1 million construction loan that was to mature in July 2003.

The Chicago Capital Management Group announced it arranged first mortgage acquisition financing, representing 80% loan-to-value (LTV), for a Lowe's Home Improvement Center in Oxford, Ala. Chicago Capital also announced it arranged an 80% LTV first mortgage for the acquisition of a Walgreen's in Bixby, Okla., and an 85% LTV first mortgage for the acquisition of a Staples in Odessa, Texas. The financing packages include 10-year terms based on 30-year amortization schedules, and were placed with internationally known investment banks, Chicago Capital said.

The Boca Raton, Fla., office of Holliday Fenoglio Fowler announced it arranged an $8.8 million acquisition loan for the Shops at Boca, a 74,285-square-foot retail center located in Boca Raton. The 10-year, 6.4% fixed-rate securitized loan was arranged on behalf of Boca Grove Holdings, LLC, through Column Financial, a conduit lender. Built in 1983, the Shops at Boca is a retail center, measures 74,285 square feet, and is anchored by Ross Dress-For-Less. The property was purchased in December 2002 for $11.4 million. The center is 92% occupied.

GMAC Commercial Mortgage provided a forward commitment for a $27 million floating-rate interim loan for a Walnut Creek, Calif., hotel, it announced. The 175-room Renaissance Club Sports hotel has a total of 180,698 square feet and sits on 6.5 acres of land. The GMACCM Hospitality Industry Division of Washington, D.C., arranged the transaction. WC Walnut Creek, LLC was the borrower.

Holliday's Miami office announced it arranged a total of $39 million to acquire, renovate, and convert The Collins into a 229-unit condominium complex in the North Beach area of Miami Beach. The two-year, adjustable-rate loan was arranged on behalf of the developer, Karlton Properties. The lender was Ohio Savings Bank.

The same office also announced it arranged an $84 million construction loan $15 million in mezzanine financing for Akoya Condominiums, a 386-unit complex also located in the North Beach portion of Miami Beach. The three-year, adjustable rate construction loan was arranged on behalf of Meruelo Enterprises. The lender was Chicago-based Corus Bank. A three-year, fixed-rate mezzanine financing also was arranged through City National Bank of Miami. At 48 stories, the Akoya Condominiums will be the tallest oceanfront condominium building in South Florida, Holliday said. The nearly 500,000-square-foot project, which is almost sold out, has 386 units.

KeyBank Real Estate Capital announced it financed a $15 million revolving construction loan for Fleur de Lis Luxury Townhomes in South Reno, Nev. The loan covers 126 units in Phase I and allows for phased construction of up to 75 units at a time, with additional units to be started as sales close. Fleur de Lis is a 40-acre town home community. More than 100 of the 136 town homes in Phase I are occupied, and completion of the phase is set for winter 2003. Phase II is expected to come on the market in summer 2003. The development will have eight homes per acre, compared with the typical 14 to18 units per acre found in most town home developments, KeyBank said.

Miami Beach-based Fifteen Group, LLC, announced it completed a $152 million refinancing of 16 multifamily communities, totaling 5,765 apartment units. The communities are located across seven states with a specific concentration in California, Texas, Georgia, and Alabama. Commercial Ventures, a division of GMAC Commercial, funded $145 million of the new financing.

Laidlaw Global Corporation announced it completed a definitive agreement to acquire the Prince William Resort property in Whittier, Alaska, for $6 million in shares. Prince William is a six-story building planned for conversion into a 467-room Ramada Plaza Hotel destination resort. The building consists of about 268,756 square feet and is located on more than 2.5 acres of land. Laidlaw Properties, Inc., a wholly owned subsidiary of Laidlaw Global, purchased the building for $21.5 million. The purchase price includes $15.5 million in mortgage debt secured by the property, and $6 million in the form of Series A Convertible Preferred Shares.

Hilton Hotels Corporation announced that a Hilton-CNL Hospitality Properties, Inc. partnership it formed in December has finished purchasing five hotels. The five properties are as follows: a 437-room Hilton Rye Town in Rye Brook, N.Y.; a 630-room Doubletree Crystal City and 267-suite Embassy Suites Crystal City, both in Arlington, Va.; a 257-suite Embassy Suites in Santa Clara, Calif.; and the 174-suite Embassy Suites Orlando Airport in Orlando, Fla. All five properties will retain their current branding but will be managed by Hilton or a 100% owned affiliate of Hilton. Total consideration for all five hotels is about $249 million. The partnership financed a portion of the purchase price with a $145 million, seven-year first mortgage loan at a fixed rate of 5.95%. Separately, the partnership acquired in December the 500-room Doubletree at Lincoln Centre in Dallas, and acquired the 428-room Sheraton El Conquistador Resort and Country Club in Tucson, Ariz., for a total consideration of about $121 million. The Tucson property has been converted to the Hilton brand, and the Dallas property is in the process of being converted to a Hilton. Including anticipated refurbishment costs, the total capitalization of the partnership -- including all seven hotels -- is estimated at about $402 million.

Strategic Hotel Capital, a private hotel investment company, announced it's completed a $1.17 billion financing funded by Deutsche Bank. The financing was executed through a $910 million commercial mortgage-backed securities (CMBS) offering and a $260 million mezzanine loan. The financing, which carries a two-year term with three, one-year extensions, consists of four tranches: an investment-grade CMBS, two subordinate mortgage loans, and a mezzanine loan. The financing is secured by 15 of the company's 27 hotels. Strategic said this is one of the largest loans ever made to a privately held hotel company, if not the largest.

Holliday's Boca Raton, Fla. office announced it arranged a $45 million acquisition loan for the purchasers of Sunrise Harbor Apartments, a 368-unit luxury apartment and mega-yacht marina complex located on the intra-coastal waterway in Fort Lauderdale. The five-year, adjustable-rate acquisition loan was arranged on behalf of Sunrise Harbor Multifamily, Inc. through ING Investment Management, a correspondent life company and portfolio lender. The whole price of the sale, which took place in December, was $90 million. This project was developed on over 7.5 acres of leasehold property. The development includes 368 apartment units spread between two 16-story towers. The property was about 93% leased at the time of the sale.

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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