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Do You Know The Way?

Last week's commercial mortgage activity

May 15, 2002


Acquisition and rehabilitation financing for a 354-unit San Jose, California apartment project was arranged by GMAC Commercial Mortgage Corporation. Long-term Fannie Mae credit enhancement of $33.7 million was used in the transaction. The property financed was the Valley Palm Apartments, which will set aside 100% of its rental units for families earning no more than 60% of the area median income.

Holliday Fenoglio Fowler, L.P. arranged $43 million in permanent first mortgage financing for Metropolitan Properties of America, the new owners of Courvoisier Courts. Fixed rate funding for the 27-story luxury apartment development in the Miami, Florida area was provided by Metropolitan Life Insurance Company.

Holliday also said it arranged $2.4 million in financing for a new Home Depot in Clifton Park, New York. The loan on the 108,000 square foot property was secured with Fortis Advisors, a life insurance company.

The Pennsylvania Housing Finance Agency approved $61 million for funding affordable homes and apartments, according to an announcement from the agency. Requests from the Redevelopment Authority and Housing Authority of Philadelphia were granted to issue $44.2 million of housing bonds to pay for the building of Tasker Homes and for refurbishing the Pavilion apartment complex for the older residents. The Allegheny County Residential Development Authority was approved for a $15 million home mortgage program. In addition, the Agency said it approved a $1 million loan to Improved Dwellings for Altoona, Inc., to preserve 85 units at Evergreen Manor, and committed to a loan of $0.7 million for construction of senior citizen apartments in Mercer County.

GlobeSt.com reported the following recent transactions:

Property (ies)
Loan Amount
Holliday Fenoglio Fowler LP GE Capital Real Estate U-STOR Self Storage Mini Warehouses Three U-STOR facilities with 1,277 storage units, Houston, TX $4.9 mil 120 months fixed rate

L.J. Melody & Co. Freddie Mac Kapital Consults 4,000-unit, class A portfolio in Houston and Phoenix $228 mil 30 years fixed rate

Corus Bank The John Akridge Companies and the National Electrical Benefit Fund. 350,000-sf class A office building at 900 Seventh St., Washington, D.C. $70.8 mil

Cohen Financial's Capital Markets Unit undisclosed bank Riverpark Shopping Center, Houston, TX (under construction) $15.7 mil 2 year prime rate based

Collateral Mortgage Capital LLC Fannie Mae Country Club Apartments, Tuscaloosa, AL $5.85 mil 10-year 7.36%

Cohen Financial?s capital markets unit Allstate Life Insurance Co. 24,640-sf parking garage at 437 N. Orleans St., Chicago, IL 2 loans for $10-mil each 25 year based on the 10-year US Treasury Index

The Community Preservation Corp. not named five residential properties, New Jersey $1.65 mil 10 years 7% fixed

Lend Lease BCN Development Beauvallon high-rise condo, Denver, Co

Holliday Fenoglio Fowler Wells Fargo Commercial Mortgage Origination Denholtz Associates of Rahway Brandwine Center I, , West Palm Beach, FL $5.8 mil undisclosed

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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