home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

CRE news
Commercial real estate news and coverage of how commercial real estate impacts the mortgage industry and commercial mortgage-backed securities.





Ridges & Hillsides

Recent commercial mortgage transactions

July 25, 2002

By SAM GARCIA

Tremont Realty Capital said it structured a note purchase and loan modification of the first mortgage on a Class A 407,000 square foot, 18 story, glass office tower in the West Loop business district of Chicago. The $62 million transaction had an A-B first mortgage, a mezzanine lender and the borrower. Both traunches of the debt were placed with a New York-based mortgage REIT, and the loan was recast as a new $62 million first mortgage including a holdback for lease up expenses.

Holliday Fenoglio Fowler, L.P. announced that it arranged $44 million in financing for the Mansions at Coyote Ridge, a 588-unit luxury multifamily community in Carrollton, Texas. The seven-year, adjustable rate financing was provided by Freddie Mac on behalf of Western Rim Advisors.

An $8.1 million mortgage on Govalle Shopping Center in Austin, Texas was arranged by Holliday. The ten-year, fixed-rate loan was provided on behalf of Endeavor Real Estate Group for the acquisition of the 86,276 square foot property. The conduit lender in the transaction was Bank of America.

Holliday reported $5.1 million in acquisition and bridge financing for Cranberry Commons, an office complex in Eatontown, New Jersey. The property recently underwent a significant capital improvement program.

Riviera Plaza, a 41,670 square foot retail and office building located in Coral Gables, Florida, was financed by Archon Financial, a conduit lender. The $4.8 million loan was arranged by Holliday on behalf of Riviera Plaza Ltd.

Holliday said it arranged financing for the acquisition of the Concorde Apartments, a 170-unit apartment community in Chattanooga, Tennessee. The three-year, $4.6 million, fixed-rate financing was arranged on behalf of Hurd Real Estate Associates, LC, through U.S. Bancorp Asset Management, Inc.

Two Class A office properties in Morristown and Rochelle Park, New Jersey, were financed by a correspondent lender through Holliday. Proceeds for the financing, which was arranged for M. Alfieri Co., Inc., were used to refinance the properties.

Two land development transactions in Conroe, Texas were completed by Advantage Capital Funding. Both loans have 12-months terms with four 3-month optional extensions. The proceeds of the first transaction were used to refinance and develop additional phases of the golf course and provide cash to the developer. The $15 million, interest-only loan has a 58% loan-to-value (LTV). The second transaction, which simultaneously closed with the same developer, was used to refinance and provide interest carry until the property is sold. That $3.9 million loan has a 58% LTV.

GMAC Commercial Mortgage Corporation closed on an $18.5 million mortgage for American Retirement Corporation (ARC). The five-year loan is secured by ARC's community in Tucson, Arizona. The new debt replaces debt that was to mature next month.

Ciminelli Development Company announced that it secured two loans for two Class-A office development buildings located in Williamsville, New York. The buildings represent phase I and phase II of the 230,000 square foot development. Manulife Financial provided a $12 million loan and M&T Bank provided a $3.5 million loan.

PW Funding Inc. reported issuing a $4.8 million forward commitment for Clark's Crossing Apartments, a 160-unit complex to be constructed in Laredo, Texas. The 7.48% fixed rate commitment was issued under Fannie Mae's Construction/Forward Commitment Financing Program for Multifamily Affordable Housing Properties, and 75% of the units will be eligible for low-income housing tax credits. The mortgage will have a a debt service coverage ratio (DSCR) of 1.20 times (x) and a LTV of 89 percent.

Ramona Village Apartments, a 68-unit complex in Ramona, California, was scheduled to be financed by PW for $2 million under Fannie Mae's DUS program. The property is located about thirty miles northeast of San Diego. The 6.24% loan has a DSCR of 1.74x and a LTV of 51%.

PW said it provided $1.7 million financing for Hillside Gardens Apartments located just 15 miles northwest of Manhattan in Nutley, New Jersey. The 6.93% loan was funded through Freddie Mac.

MortgageDaily.com
A $1.5 million first mortgage secured by the HomeTown Buffet restaurant in Scottsdale, Arizona was financed by M&I Marshall & Illsley Bank for Star Buffet Inc., according to the Wall Street Journal. The ten-year loan has an interest rate fixed at 7.5% for five years, at which point it converts to the London interbank offered rate (LIBOR) plus 250 basis points. The proceeds were used to pay down financing with FleetBoston Financial Corp.

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

hosted by USANow.net

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders