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I Want My MPTV

Transactions in commercial real estate finance last week

June 13, 2002


A "Class-A" office and retail space in Houston was refinanced for $145 million by Northwestern Investment Management Co., a life company lender. The fixed-rate, 10-year loan was arranged by Holliday Fenoglio Fowler, L.P. on behalf of Greenspoint Plaza Limited Partnership. The property, Greenspoint Town Center, encompasses more than two million square feet and includes six office and three retail buildings.

Holliday also arranged $82 million in permanent financing for Burbank Empire Center, a recently completed retail power center. Tenants of the Burbank, California property include Lowe's, Target, Best Buy and Staples. The fixed-rate, 10-year financing was provided by conduit lender Wachovia Securities for Zelman Development Company.

Holliday Fenoglio Fowler says it is the country's largest capital intermediary in the commercial real estate industry. The company said it had more than $12.2 billion in business volume during 2001 and arranged more than $47.7 billion in debt, equity/structured finance and investment sales transactions since 1997.

A $4.6 million construction loan from Sovereign Bank to transform a 19th century Malden, Massachusetts schoolhouse into a 29-unit condominium development was arranged by Holliday. The transaction, provided for Glenwood Condominiums, LLC, also included $1.4 million equity financing. The property was built in 1890.

Holliday said it arranged an $11.5 million loan on a 452-unit multifamily development in northeast Dallas, Texas for Price Realty Corporation. The Park on Greenville Apartments secured the loan from Lend Lease, a Freddie Mac lender.

Venetian Casino Resort, LLC and Las Vegas Sands, Inc. said they closed their Rule 144A offering of $850 million in aggregate principal amount of mortgage notes. The notes bear interest at 11% and mature on June 15, 2010. Venetian said it has used or will use the net proceeds from the offering to repay, repurchase or redeem all outstanding indebtedness of Venetian and its subsidiaries. As part of the refinancing, Venetian said it closed its tender offer for its outstanding 12 1/4% mortgage notes due 2004 and 14 1/4% senior subordinated notes due 2005, and repurchased a substantial majority of its outstanding mortgage notes and senior subordinated notes.

A $48 million construction loan was recently negotiated for the proposed Cannery Hotel and Casino in North Las Vegas, according to Vestin Mortgage -- who arranged the financing. The 132,000 square foot property will have 201 rooms, three-themed restaurants, a buffet and an entertainment area. The transaction is the biggest ever for Vestin.

Glimcher Realty Trust announced that N.J. Metromall Urban Renewal, Inc., Glimcher Jersey Gardens LLC and JG Mezzanine, LLC have completed a mortgage loan refinancing on Jersey Gardens Mall in Elizabeth, New Jersey. The new debt consists of a $135 million non-recourse senior note at an interest rate of LIBOR plus 1.97%, and a $30 million non-recourse subordinated note at an interest rate of LIBOR plus 8.19%. The proceeds of the financing were utilized to repay a maturing $162 million construction loan.

MPTV, Inc. said it received a commitment to refinance its current mortgage on Lake Trop for $9.5 million. About $6.5 million of the proceeds will be used to refinance the current mortgage, and $3 million will be used to commence Phase I of the Lake Trop renovations. The loan will be financed at 9% -- significantly lower than the existing loan rate, according to the company.

PW Funding, Inc. reported that it has issued a $4.8 million forward commitment for Park Villas Apartments, a 160-unit apartment complex to be constructed near Orlando, Florida. The commitment, issued under Fannie Mae's Construction/Forward Commitment Financing Program for Multifamily Affordable Housing Properties, provides for a fixed rate of 7.64%. The debt service coverage ratio is 1.21 times, and the loan-to-value is 84%.

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]

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