|GMAC Commercial Mortgage Corporation said it arranged nearly $40.0 million in loans for a five-property portfolio of garden apartments in the Finger Lakes region of Upstate New York. The fixed rate permanent financing was provided by Nationwide Life Insurance Company.
Prudential Mortgage Capital Company announced that it recently originated a $13.3 million commercial mortgage loan on United Plaza XII, an office complex in Baton Rouge, Louisiana. The 7-year loan was arranged by Hibernia Mortgage Capital for Stirling Twelve United Plaza, LLC.
Prudential also originated a $2.96 million loan to acquire the Braeswood Atrium Apartments in Houston, Texas. The 10-year loan was arranged by Grandstone Corporation in Houston for Braeswood Atrium Inc.
A $1.72 million loan to refinance the Michigan and "V" buildings in Seattle, Washington was arranged by Prudential for Michigan Island Properties L.L.C. The property includes office, industrial and retail.
CharterMac subsidiary PW Funding Inc. said it provided $15.0 million in mortgage financing for The Fairways Apartments, a garden-style complex in Thorndale, Pennsylvania. The 7.32% loan was funded through Freddie Mac. The loan-to-value (LTV) is 67%, and the debt service coverage ratio is 1.43 times.
Holliday Fenoglio Fowler, L.P. announced that it closed on a $9.8 million construction/permanent loan for the Murray Hill Park Complex, a two-building, 154,889 square foot flex complex in East Rutherford, New Jersey. The loan was arranged for Branca Properties through a life insurance company.
Tremont Realty Capital said it arranged a $1.15 million loan to purchase the Tuckaway Manor manufactured housing community in Germantown Hills, Illinois. The 10-year, non-recourse loan has a seven percent fixed rate and was funded through a conduit program. The LTV on the 92-home site is 75%.
The Northern Pines and Milton Knolls manufactured housing communities were refinanced for $4.4 million with a non-recourse loan arranged by Tremont. The loan on the Ballston Spa, New York properties has a rate below seven percent and was funded through a midwest bank. The LTV on the transaction is 80%.
Tremont said it also refinanced the Idlewood and Oakland Ridge manufactured housing communities in New York state. The fixed rate, 10-year loan was at less than seven percent, and the LTV is 80%. A midwest bank funded the $3.8 million mortgage.