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Ridges & Hillsides

Recent commercial mortgage transactions

July 25, 2002


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.

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]

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