|Las Vegas-based Vestin Mortgage said it originated $118 million in loans during May, a record for the company. The activity was attributed to a marketing campaign featuring Joe Namath, an expansion of geographic coverage and the success of Vestin Fund II, which has raised more than $217 million since debuting a year ago.
GMAC Commercial Mortgage Corporation said it provided $65 million in floating-rate interim financing for The Sheraton World Resort in Orlando, Florida, a 797 room complex. A renovation on the property in 1999/2000 included the addition of a 305-room tower and 7,949 square-feet of meeting space in addition to replacement as needed of furniture, fixtures and equipment in the existing improvements. The property includes a nine-hole miniature golf course.
Holliday Fenoglio Fowler announced that it arranged $44.5 million in construction financing for a 363-unit, first-class senior and assisted living project. The 3-year adjustable rate loan was arranged on behalf of Senior Resource Group/Starwood through Fremont Investment & Loan. The development is set to be completed by spring 2003.
Houston-based Advantage Capital Funding said it completed two land development transactions on Lake Travis in Austin, Texas. The first transaction was a $6.1 million interest-only loan used for the development of lakefront estate lots in the Marshall's Harbor subdivision -- a development that includes a 124 boat slip marina. That 1-year loan to Marshall's Harbor, LTD has four 3-month extensions and a 50% loan-to-value (LTV). The second loan for $17.5 million to Marshall's Vista LTD was used to finance a private golf course. That 18-month loan also has four 3-month extensions and a 60% LTV. Both transactions were funded using Advantage Capital's private capital.
Charter-Mac subsidiary PW Funding Inc. said it provided three second mortgage loans funded under Fannie Mae's DUS program totalling $5.6 million for three apartment complexes in Southern California. The first loan for $1.7 million has a 7.175% rate and is secured by the 94-unit Beachbrook Apartments in Redondo Beach. The debt service coverage ratio (DSCR) is 1.27 times (x) and the LTV is 72%. The second loan on the 95-unit Villa Marina Apartments in Hermosa Beach was for $2.1 million with a rate of 7.09%. The DSCR on that property is 1.27x, and the LTV is 76%. The 78-unit Madrid Apartments in Redondo Beach secured the third loan in the amount of $1.7 million. The $5.0 million first mortgage on that property was originated by PW in 1998. The loan has a rate of 7.175%, a DSCR of 1.26x and a LTV of 76%.