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| Viva Las Vegas
A look at some of last week's commercial mortgage loans
March 6, 2002
By SAM GARCIA |
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| HanoverTrade.com, Inc. announced the sale of $43.8 million adjustable and fixed rate commercial mortgage loan transactions. The 101 loans were sold at auction on behalf of the RTC Trust Fund Series 1992-C3. Acting as financial advisor for the trustee, JPMorgan Chase Bank, HanoverTrade conducted an online outcry auction, which was powered by online securities trading platform VerticalCrossings.com, Inc.
Las Vegas-based OneCap announced that it closed two commercial mortgage land loan transactions totaling $4.8 million on Las Vegas commercially entitled property. OneCap, which handled the financing through its private client group, said that the loan-to-value (LTV) on the property was 65 percent. |
MortgageDaily.com 
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| OneCap also announced that it transacted a commercial construction loan for a planned Las Vegas-area office complex. The $9.9 million 2-year loan with a 75% LTV was brokered through one of OneCap's institutional funding sources. The project will be built in three phases, with the first phase funded 100 percent spec, without any pre-leasing requirements. The floating interest rate on the loan is currently less than 4.50 percent. OneCap also provided 90 percent of the equity required for the office project through another of its private funding sources. |
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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