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Tale of A Fateful Trip

Commercial mortgage loan activity last week

March 25, 2002

By SAM GARCIA

Financing for the purchase of two Dallas-area properties was arranged by Holliday Fenoglio Fowler L.P. for Charter Holdings, a local real estate development and operating company. The purchase of a 17-story property known as the Woodall Rodgers Tower consisted of a 2-year, $12.2 million, adjustable-rate bridge through G.E. Capital. The Class 'A' office building contains just under 148,000 square feet and is 87 percent leased. The second property, Arapaho Business Park, contains nearly 500,000 square feet of industrial/flex space, and is 86 percent leased. The financing for that acquisition utilized a $20.6 million, three-year term, adjustable-rate bridge loan arranged through J.P. Morgan Mortgage Capital, a conduit lender.
MortgageDaily.com
A $20 million bridge loan negotiated by Vestin Mortgage was secured on the Castaways Hotel Casino in Las Vegas. The property has 467 rooms, 1,300 slots, 18 table games, an 85,000 square foot casino, 106 bowling lanes, and 45,000 square feet of convention space on 25 acres. The funds will be used to refinance existing debt and to provide for additional improvements to the property.

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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