Meredith & Grew, Incorporated announced that it secured a $2.8 million loan for a Babies R' Us store in Massachusetts. CIBC World Markets provided the first mortgage.
A $6.3 million Fannie Mae DUS MBS loan was used to finance the acquisition of Meridian Ridge Apartments, a 177-unit multifamily property located approximately 20 miles south of Seattle. Red Mortgage Capital, Inc. said it provided the 30/10 5.27% loan.
Financing for a $16 million golf course development will be arranged by American Coast Mortgage in Redwood City, California. The first of three development phases will be a 200-acre golf course, followed by a 299-room "Real Log" hotel/vacation ownership resort, and finishing with the sale of 40 estate homes. The approximately $7 million deal may utilize a combination of a first and second deed of trust and seller financing.
Financing for 2 Massachusetts cold storage properties was arranged by Tremont Realty Capital. The $7.9 million, 10-year loan was funded through a local bank and included an option to convert to a fixed SWAP rate. The mortgage had an 85% loan-to-value and a 10-year floating rate at LIBOR +2.25%.
The Dover Residences, a mixed residential/commercial project in Boston, was the collateral on an $8.1 million acquisition/bridge loan arranged by Meredith. The mortgage was funded by an affiliate of a major life insurance company.
Salomon Smith Barney provided $8.5 Million in permanent financing for 131 Tremont Street, an 8-story multi-use building in Boston. The loan was arranged by Meredith.
Red Mortgage reported it provided a $10.7 million Fannie Mae DUS loan on Monte Vista Gardens Apartments, a 144-unit affordable housing property in San Jose, California. The mortgage has an 18 year term and a 30 year amortization.
The Desert View Apartments, a 412-unit complex in Scottsdale, Ariz., was financed by Freddie Mac. The $27 million fixed rate loan was used by Pillar at Desert View LLC to purchase the property and arranged by GMAC Commercial Mortgage Corporation.
Conduit lender Wachovia Securities financed a $27 million loan secured by the Irongate Apartments, a recently completed garden-style complex in the Sacramento, California area. The refinance loan, structured as an A/B transaction, was arranged by Holliday Fenoglio Fowler, L.P.
Prudential Huntoon Paige originated a $31.7 million loan to finance the acquisition and rehabilitation of Pinewood Apartments, an affordable housing apartment complex in Las Vegas. The 33-year FHA insured Section 223(f) mortgage provided credit enhancement for tax-exempt private activity bonds, and has a rate of 5.47%.
Aegis Assisted Living received $45 million in financing for three senior housing properties from GE Healthcare Financial Services. Two first mortgages for $28 million and $17 million were involved.
The Olympia House, a 240-unit luxury high-rise in New York City, was refinanced for $45 million. The 10-year, 5.5% fixed rate loan was arranged by Holliday through a pension fund client of Lend Lease Real Estate Investments, Inc.
Teachers Insurance and Annuity Association of America financed a $48.5 million first mortgage for Bedford Property Investors, Inc. The 10-year loan is collateralized by 5 California properties and has a 5.6% fixed rate. A portion of the proceeds was used to pay off an $18 million, 7.02% loan with The Prudential Insurance Company of America.
North Shore Apartments, an 1,800-unit complex in Floral Park, New York, was financed by The John Hancock Real Estate Investment Group, according to the Boston Business Journal. The $75 million loan was arranged on behalf of the property owner, North Shore Towers Apartments Inc.