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Swinging Singles
Recent U.S. commercial mortgage transactions
May 28, 2002
By SAM GARCIA |
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Prudential Mortgage Capital Company said it closed a $246.5 million package of commercial mortgage loans for General Motors Investment Management Corporation, which manages the underlying properties on behalf of the General Motors Pension Plans. The funding is a combination of single-asset and multi-asset portfolio loans, and includes multifamily, office and industrial properties along the East Coast, in California, and in Texas.
$61.5 million in financing was arranged for ten apartment communities located in Beaumont, Dallas and Houston by Holliday Fenoglio Fowler, L.P. The developer of the properties, which total 1,976 units, is Michael Stevens Interests, Inc. The five-year loans were arranged through PPM Worldwide, a life insurance company.
Holliday reported a $2 million first mortgage transaction for 820 East Gate Drive, a single-story industrial building located in Mount Laurel, New Jersey. The loan was secured from Principal Capital Management on behalf of the owner, S.V. Price & Co. Edward Don & Company. |
MortgageDaily.com
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GlobeSt.com reported the following recent transactions:
Broker
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Lender
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Borrower
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Property (ies)
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Loan Amount
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Term
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Rate
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Legg Mason Real Estate Services/Spectrum Financial |
a leading regional thrift institution |
Samuels Cambridge Park Drive LLC |
54 Cambridge Park Dr., Cambridge MA |
$5 mil |
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Cohen Financial's capital markets unit |
Republic Bank of Chicago |
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2 Illinois industrial properties for >200,000 sf
(75% ltv) |
$6.4 mil |
25/5 yr |
Priced on the 5-yr Treasury Index |
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NorthMarq Capital |
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Government Services Administration building , Helena, MT |
$11.6 mil (100% ltv) |
24.5/20 |
6.90% fixed |
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Holliday Fenoglio Fowler LP |
ING Investment Management |
BGK Properties/13105 Northwest Freeway Associates LP |
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$14.5 mil |
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fixed rate |
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David Cronheim Mortgage Corp. |
not disclosed |
Pyramid Properties |
98 Floral Ave, a 2-story, 26,536 sf office building, New Providence, NJ |
$1.95 mil |
15/15 |
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ICap Realty Advisors of Atlanta |
Column Financial Inc. |
Dewberry Capital Corp. |
Roosevelt Square Shopping Center, Jacksonville, FL |
$23 mil |
30/10 |
7% |
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Sam Garcia has been in mortgage lending since 1980, and is the Publisher of MortgageDaily.com. He also owns and operates CloseNow.com, a consumer real estate portal site.
email: [email protected]
Copyright © 2002 Sam Garcia
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