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The Corsicana Brothers

Last week's commercial loan originations

April 24, 2002


Holliday Fenoglio Fowler, L.P. arranged financing for a Dallas 16-story office tower through Aegon USA Realty Advisors, a life insurance company lender. The $19 million loan is secured by 8333 Douglas Avenue, a Class A property built in 1975.

Holliday also provided $18.3 million in financing for 100 Southgate Parkway, a 150,000 square foot building located in Morris Township, New Jersey. The loan was secured from an undisclosed midwest life insurance company for an undisclosed borrower.

PW Funding Inc. provided $3.2 million in mortgage financing for two Oklahoma apartment complexes under Fannie Mae's Multifamily Affordable Housing program. The first complex, Chapel Ridge Apartments in Pauls Valley, is a 149 unit garden apartment complex. A Regulatory Agreement on that property indicates that some
of the units are to be rented to low income residents. The 7.93% loan on Chapel Ridge has a debt service coverage ratio (DSCR) of 1.20 times (x) and a loan to value (LTV) of 77%. The second complex, Brookstone Park Apartments in Bristow, is a 31 unit garden apartment complex also with a regulatory agreement requiring some of the units be rented to low income residents. The 8.03% loan has a DSCR of 1.20x and an LTV of 80%.

Brookstone Park Apartments

GlobeSt.com reported the following transactions:

Property (ies)
Loan Amount
Fleet Bank Newark Renaissance House abuse treatment facility, Newark, NJ $3.6 mil constr loan converts to mortgage

Welsh Capital
  • Pine Tree Apartments, St. Paul, a 199-unit residential complex
  • Emerald Point Apartments, St. Paul, a 164-unit residential complex
  • 1111 Seventh Ave South, Minneapolis, a 42-unit residential complex
  • 1414 Third Street South, Minneapolis, a 70-unit residential complex
  • Beverly Apartments, Anoka, a 52-unit residential complex
  • Robert Square Shopping Center, St. Paul, a 24,000-sf retail center
$18 mil

NorthMarq Capital Citywide Banks of Denver Clear Creek Commons, a 45-unit senior housing/independent living facility in Golden, CO $6.5 mil constr loan

Holliday Fenoglio Fowler, L.P. JP Morgan Mortgage Capital Windrose Housing LP Windrose Apartments, Kansas City, MO $9.8 mil

Holliday Fenoglio Fowler, L.P. American United Life Acme Supermarket Retail property in Randolph, NJ 4.35 mil

Tremont Realty Capital Northwestern Mutual Kimco Realty Corp. of Florida 350,000-sf warehouse leased to Kohl's, Corsicana, TX $8.5 mil 19.5 years 6.6%

NorthMarq Capital 150,873-sf office bldg at 11080 Circle Point Rd, Westminster, CO, & 89,739-sf warehouse 4520 Florence St, Denver, CO $19.25 mil

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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