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Driver, Take Me To The Plaza

Commercial mortgage transactions for last week

June 7, 2002

By SAM GARCIA

$65 million in first mortgage financing was arranged by Sonnenblick-Eichner Company for Charleston Place, a premier luxury hotel and high-end boutique retail complex in Charleston, South Carolina. The LIBOR transaction was placed with a syndicate of offshore money center commercial banks for the owner, Charleston Center LLC.

Sonnenblick announced it arranged $23.3 million in long-term, fixed-rate first mortgage financing for the 205-room Westin Portland Hotel in Portland, Oregon. The property is owned by a partnership which includes Starwood Hotels & Resorts Worldwide, Inc., who also manages the property. A Sonnenblick principal noted, "we were able to provide a cost of capital of less than 7.75%."

Holliday Fenoglio Fowler, L.P. said it completed in excess of $2 billion in transactions in the Tri-State area serviced by its offices in Connecticut, New Jersey and New York. The company says that nationally, it ranked as the largest firm in the industry during 2001 -- with over $12 billion in completed transactions from in excess of 160 different capital sources.

An $11.2 million first mortgage was arranged by Holliday for Embassy Plaza and Century Plaza, a pair of retail centers in San Antonio. The fixed rate 10-year loan was provided on behalf of Santikos Investments through JP Morgan Mortgage Capital, Inc., a conduit lender. Proceeds from the deal will be used to help finance the development of a new 16-screen theater.

Holliday reported a $9.5 million closed loan for Greentree Square, a 110,000 square foot shopping center in Marlton, New Jersey. Among the property's tenants are Eckerd Drug Store, TGI Fridays, Radio Shack and GNC. The loan was arranged through John Hancock Life Insurance Company on behalf of the owners, Mainardi Management Co.

PW Funding Inc. announced that it provided $4.9 million in financing for Arbor Square Apartments, a 176-unit student housing apartment complex in College Station, Texas. The loan, which was funded under Fannie Mae's DUS program, has a 6.855% interest rate, a debt service coverage ratio of 1.30x and a loan to value of 75%, as of the deal's closing date, May 29, 2002.

Arbor Square Apartments

MortgageDaily.com
GlobeSt.com reported the following recent transactions:

Broker
Lender
Borrower
Property (ies)
Loan Amount
Term
Rate
John B. Levy & Company Turning Basin LLC Turning Basing Building, Class A office and retail bldg. in Richmond, VA $13.1 mil 25/5







Bernard Financial Group LaSalle National Bank American Commerce Building LLC Lotus/American Commerce Building, a 50,057-sf office building in Southfield, MI, $5.03 mil







Bernard Financial Group Prudential Mortgage Co. West Allen Plaza, a 25,594-sf retail center in Woodhaven, MI $3.55-mil







Bernard Financial Group Prudential Mortgage Capital Co. West Second Street Associates GSA building, a 15,084-sf office building in Flint, MI $2.8-mil







Cronheim Mortgage Corp. not disclosed Owner National Realty & Development Hadley Shopping Center in this northern Middlesex County, NJ $20.5 mil 30/10







Live Oak Capital Ltd. Ohio National Life Insurance Co. of Cincinnati Mission Equities of Texas multi-tenant office building in Sugar Land, TX $1.2-mil








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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