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Plenty of Hollidays

Commercial mortgage loan activity last week

March 18, 2002

By SAM GARCIA

Prudential Mortgage Capital Company announced that it recently originated a 10-year, $8.75 million refinance loan for its conduit to Ark Self Storage Group LLC. The mortgage is secured by six Georgia self-storage properties and is amortized over 20 years.

Prudential also announced that it recently originated a $9.15 million loan secured by a South Carolina 204-unit garden multifamily complex, the Columbiana Lakes Apartments. The 7.28% loan has a 30-year amortization with a 10-year term.

Commerce bank will refinance a $3.5 million mortgage for Blonder Tongue Laboratories, Inc., according to an announcement by the television technology company. The loan is part of a $19.5 million package that also includes a revolving line-of-credit and a term loan.

Venture West Funding, Inc. said that it arranged 16 mortgages on west Los Angeles apartment buildings totaling $18.56 million for a prominent property owner. Cash proceeds of the loans will be used for charitable contributions, according to the announcement, and the loans will be financed by two of the firm's preferred lenders.

Holliday Fenoglio Fowler, L.P. announced that it has lined up $48.2 million in loans for Trimark Realty Investments to finance a portfolio of seven Texas apartment properties with an aggregate 1,846 units. The 35-year fixed rate loan was arranged through Metropolitan Funding Corp.

Holliday said that it arranged $23.25 million in mortgage financing for two north Texas multifamily properties with combined units of 926. The adjustable rate 3-year acquisition loans were arranged on behalf of AmeriSouth Acquisitions through Colonial Bank.

Holliday also announced that it arranged a $14.7 million permanent loan for a retail property occupied by BJ's Wholesale Club in Paramus, New Jersey. The 12.5% fixed rate loan was arranged through Holliday's correspondent lending relationship with John Hancock Life Insurance Company.

MortgageDaily.com
$13.3 million in permanent financing was arranged by Holliday for Plainfield Commons, a 173,000+ square foot retail center anchored by Kohl's and Old Navy. The 20-year loan on the Indianapolis project was arranged through conduit lender J.P. Morgan Mortgage Capital on behalf of Plainfield Commons II, LLC.

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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