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I Just Adore A Penthouse View

Commercial mortgage loan activity last week

April 1, 2002


click here for last week's activity

A first mortgage loan for the development of a 42-story Fort Lauderdale, Florida condominium was provided by Union Planters Bank, according to an announcement from the Las Olas River House Corporation. The $135 million Las Olas River House was financed with $25 million in mezzanine financing and a $90 million mortgage -- one of the largest loan packages in South Florida this year -- the company said. The residential units range in size from 1,260 sq. ft. to more than 7,000 sq. ft., with prices from the $400's to $1.8 million, and penthouse units in the $4 million range.

Financing for a 542-unit San Diego, California apartment project for seniors was arranged by Sonnenblick-Eichner Company. The interim $36 million first mortgage loan on University City Village Apartments is part of a package that includes $2 million in mezzanine financing. The mortgage, which the company says is a "low interest rate first" mortgage, was provided by Wachovia Securities.

Lexington Corporate Properties Trust announced that it acquired two newly constructed Lake Forest, California office facilities for $16.97 million. An $11 million non-recourse first mortgage loan was used in the transactions on the properties, which serve as the headquarters for Apria Healthcare Group, Inc. The ten-year loan has a fixed rate of 7.26% and requires annual payments of $901,368.

Avalon Financial Group Inc. arranged a $5.5 million loan to acquire a Long Beach, California retail center, according to GlobeSt.com. While the property is in excess of 129,000 square feet, only 47,707 is included in this transaction. The remaining portion of the center is still owned and operated by Albertsons. The purchaser in the transaction is Larkey-Wrigley LLC, and financing was provided by Credit Suisse First Boston.

The Westpointe Apartments, Ridge Pointe Crossing and Ridge Pointe Crossing West multifamily complexes have been refinanced with a nearly $56.6 million blanket mortgage by NorthMarq Capital, according to GlobeSt.com. The 10-year loan on the projects -- which include nearly 1,500 St. Louis, Missouri units -- is in the low 7% range and has a 30-year amortization.

GlobeSt.com also reported that $40 million in loans were provided for four senior housing communities; Brittany Acres, Mark Twain Apartments, Garden Villas South and Beau Jardin Apartments. The loans range from 10-20 years and were arranged by NorthMarq Capital and Freddie Mac.

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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