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Surf City Financing

Last week's commercial mortgage transactions

May 2, 2002


GMAC Commercial Mortgage Corporation said it financed a $38.7 million loan on a class A student property in Gainesville, Florida for Campus Development Group. The mortgage, closed under Fannie Mae's new Student Housing Lending Pilot Program, has a ten year term and is locked in at less than seven percent. Campus Lodge of Gainesville has 360 units and is located two miles from the University of Florida campus.

GMAC said it is also provided $27 million in construction financing on a dedicated Student Housing project in the Midwest.

Financing for the Kendall Mall, a 278,925 square-foot property in Miami, Florida, was arranged by GMAC for CB Kendall Mall, Inc. The $26.5 million loan has a fixed rate and will be used to refinance existing loans. Among the anchor tenants are JC Penney, Borders Books & Music and Bank of America.

PW Funding Inc. said it financed a Bremerton, Washington apartment complex for $3.2 million. The 96 unit Griffin Glen Apartments is a garden apartment complex built in 1996. The loan -- funded under Fan Mae's Multifamily Affordable Housing program -- has a 7.125% rate, a debt service coverage ratio (DSCR) of 1.25 times (x) and 77 percent loan-to-value (LTV). PW said a Regulatory Agreement on the property

Griffin Glen Apartments
indicates that 95 units are subject to LIHTC rent restrictions, while 100% of the units must be rented to families earning 60% or less of the Area Median Income (AMI), and at least 10% of those units must be rented to families earning no more than 30% of the AMI.

PW said it provided $6.7 million in financing for a Huntington Beach, California apartment complex. The 7.08% loan was funded under Fannie Mae's DUS program, has a DSCR of 1.27x and an LTV of 71%. Harbor Breeze Apartments (pictured left) was constructed in 1970.

GlobeSt.com reported the following transactions:

Property (ies)
Loan Amount
Collateral Mortgage Capital LLC Pacific Southwest Realty Services VISTA, CA-A loan Vista Hacienda Apartments, Vista, CA $28.9 mil 30/10 7.095%

AEW Capital Management, LP & Miller Capital Advisory, Inc. Morgan Stanley Dean Witter General Motors Investment Management Corp. & the California Public Employees Retirement System Woodfield Mall, Schaumburg, IL $300 mil 10 yr 6.9925%

Cappelli Enterprises of Valhalla Canadian Imperial Bank of Commerce, CIBC, Charter One & Union State Bank City Center at White Plains development, White Plains, NY $190 mil in constr costs & apprx $7 mil for land acquisition & other expenses

L.J. Melody & Company Principal Capital ND Norwood Park South LLC Norwood Park South office park, Norwood, MA $13.2 mill

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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