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Life Of Luxury

Recent commercial mortgage transactions

August 5, 2002

By SAM GARCIA

Prudential Huntoon Paige, the FHA-lending arm of Prudential Mortgage Capital Company, said it originated a $17.2 million construction loan securitized by The Villas at Mountain Vista Ranch, a 256-unit garden apartment complex being built in Surprise, Arizona. Through the FHA 221(d)(4) program, Prudential achieved a 90% fixed-rate financing of total development costs. The 40-year loan has a rate of 7.27%.

Prudential originated a $13.9 million construction loan for Wildwood at Villa Rica, a multifamily property in Villa Rica, Georgia. The 40-year loan, also through the FHA 221(d)(4) program, has a rate of 7.15%.

The 208-unit Parkway Apartment complex in Washington, D.C. secured a $9.2 million acquisition/rehabilitation loan for Parkway Apartments LP. Prudential originated the 35-year FHA Sec. 223(f) loan, which included $1.47 million in renovations. The loan provides credit enhancement for tax-exempt and taxable bonds for a project that is affordable for those earning below 50 percent to 60 percent of area median income.

The Haven at Windermere, an assisted-living facility in Baton Rouge, Louisiana, was refinanced for $7.7 million. The 35-year FHA loan was also originated by Prudential for the Village at Windermere LLC.

Prudential originated a $4.4 million construction loan secured by Lago del Mar Apartments, Phase I, a garden apartment complex being built in Laredo, Texas. The 40-year, FHA-insured loan provided on behalf of Intercapital Lago Del Mar II, Ltd., has a 7% rate.

A $3.4 million loan was originated by Prudential for Weir Hills Ltd. The 40-year FHA loan has a 7.3% rate and is being used to fund construction of 180 sites for the Trails of Oak Hills MHC, a manufactured homes project in Austin, Texas.

Meadows I Apartments, a 52-unit high-rise property in Elburn, Illinois was refinanced for $2 million by Prudential for Elburn Meadows Ltd. The 35-year FHA 223 (f) loan has a rate of 6.75%. Under the loan agreement, Elburn Meadows has agreed to rent all of the property's units to those who earn 60% or less of the area's median income.

Prudential originated a $1.9 million construction loan to fund a new 38-bed Alzheimer care facility in Sierra Vista, Arizona, near Phoenix. The 40-year FHA loan, originated on behalf of Carefree Sierra Vista, LLC., has a 7.05% interest rate.


Westview Apartments, Hoboken, NJ
CharterMac subsidiary PW Funding Inc. provided $24.8 million in mortgage refinancing for three affordable apartment complexes in northern New Jersey; the 116-unit Westview Apartments, in Hoboken, the 142-unit New Floral Gardens "1B" Apartments, in North Bergen, and the 116-unit New Floral Gardens "II" Apartments, also in North Bergen. The loans, which were funded through Freddie Mac, recently received new Section 8 HAP contracts.

The Oakwood Apartments, a 318-unit luxury complex located in Stockton, California, was refinanced for $10.7 million by PW under Fannie Mae's DUS program.

The 5.68% rate loan has a debt service coverage ratio (DSCR) of 1.63 times (x), and a loan-to-value (LTV) of 59%.

PW announced that it provided more than $6 million in financing for River Knolls


The Oakwood Apartments

River Knolls Apartments

Apartments, a 112-unit luxury apartmentcomplex in Redding, California. The 6.09% loan was funded the loan under Fannie Mae's DUS program. The DSCR is 1.36x, and the LTV is 69%.
Torcello Apartments Phase II, an 80-unit complex to be constructed in Stockton, California, received a $5.1 million forward commitment from PW. Issued under Fannie Mae's New construction/forward commitment financing program for market rate properties. The loan

Torcello Apartments

Forest Hill Terrace Apartments
has a 1.27x DSCR and a LTV of 78%. Funding of the permanent loan will be at a fixed rate of 6.77%.

Forest Hill Terrace Apartments, a 452-unit garden apartment complex in Newark, New Jersey, was financed for $2 million by PW utilizing Freddie Mac's supplemental mortgage program. The property was built in 1949 and converted to condominiums in 1990.


PW said it provided $2 million in mortgage financing for 3570 Sacramento Street Apartments, a three-story, mixed-use building in San Francisco, California. The 6.52% loan was funded the loan under Fannie Mae's DUS program. The DSCR is 1.79x, and the LTV is 49%.

GMAC Commercial Mortgage Corporation provided $29.3 million in fixed-rate refinancing for Fairway Preserve at Olde Cypress, 264-unit apartment complex in Naples, Florida. The loan was arranged through GMAC's conduit, Commercial Capital Initiatives, Inc.


3570 Sacramento Street Apartments

Holliday Fenoglio Fowler arranged $11.5 million in financing for the Lakes at Pembroke Pines, a 296-unit multifamily community in Pembroke Pines, Florida. The 10-year, fixed rate loan was arranged on behalf of a pension fund through Lend Lease Real Estate Investments' Freddie Mac lending program.

The Shadowridge Woodbend Apartments, a 240-unit multifamily community in Vista, California, will secure a $10.7 million loan arranged by Holliday on behalf of a pension fund. Funding on the 10-year, fixed rate loan will be provided through Lend Lease Real Estate Investments' Freddie Mac lending program.

Holliday announced that it arranged $3.8 million in fixed rate financing for the Falcon View Apartments, a 170-unit multifamily community in Madison, Tennessee. The 10-year refinance loan was arranged on behalf of Freeman Webb Investments, Inc. through Lehman Brothers Bank, FSB, a conduit Lender.

HanoverTrade, Inc. announced the sale of $9.4 million of performing, non-performing and REO properties secured by participation interests in pools of residential mortgage loans. The on-line outcry auction was conducted at www.HanoverTrade.com on behalf of both the RTC Trust Fund Series 1993-5P and the Federal Deposit Insurance Corporation (FDIC). The sale consisted of a relatively small loan portfolio being serviced by 38 separate servicers, which had the effect of limiting the number of interested bidders.

MortgageDaily.com
Imperial Capital Bank announced that it provided financing for the bulk purchase of three separate apartment buildings in Los Angeles. The loan was structured with a floor funding of about $4.3 million, and is subject to a minimum DSCR of 1.25x based on rents in place and the appraiser?s estimate of market expenses and vacancy. An earn out of $915,000 (85% of cost) was structured to be released subject to a minimum DSCR of 1.30x at the higher loan amount for a minimum of six consecutive months.

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

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