|AMI Capital, Inc. closed a $1,750,000 acquisition loan on a 14,884 square foot retail center in Tucson, Arizona. Osco Drug Store, located at 7901 Golf Links Road, is a Class ``A'' property. The loan, at a rate of 7.875 percent, was for a term of 20 years. The loan-to-value was 71 percent and debt service coverage was 1.20. Dan Mercer, managing director of the firm's Phoenix office, handled the transaction on behalf of a client new to AMI Capital.
AMI also closed a $6,000,000 refinance loan on a 117,256 square foot retail property in Tucson, Arizona. The commercial loan, at a rate of 7.46 percent, was for a term of 10 years. The loan-to-value was 73 percent, and debt service coverage was 1.28. Mary Dee Clancy, investment director in the firm's Bethesda headquarters, handled the transaction on behalf of a repeat customer at AMI Capital. The loan closed on July 31, 2001. Manzanita Plaza, located at 3020 West Valencia Road in Tucson, was built in 1982 and provides an ongoing repair and maintenance program. The property -- which includes tenants such as Safeway, Osco Drugs and the Arizona Department of Economic Security - was 100 percent occupied at closing.
Prudential Mortgage Capital Company announced that it recently originated a $5.6 million commercial mortgage loan for its conduit to WHY 1671 Investments Inc. The loan is secured by 1671 The Alameda, a San Jose, Calif., office building built in 1961. The building is 99% occupied by tenants including the San Jose Police Department and the California Department of Justice. Daniel Friedeberg of Barry Slatt Mortgage Co. of Burlinghame, Calif., arranged the transaction. Shais Khan was the Prudential loan officer on the deal. The refinancing closed in June under Prudential's conduit program. Terms were not disclosed.
Prudential also announced that it recently originated a $4.6 million commercial mortgage loan for its conduit to Gatewood Apartments, LLC. The loan is secured by Gatewood Apartments, a 134-unit garden apartment complex in Aiken, Georgia. This multifamily unit, constructed in 1986, is currently 95 percent occupied. Charles Cronin of Axiom Capital, an Albany, N.Y.-based PruEXPRESS Advisor, arranged the financing. Scott W. Miller was Prudential's originator on the loan. The 10-year loan, which closed on July 30, 2001 under Prudential's conduit program, has a 30-year amortization schedule and an interest rate of 7.26 percent.
Capital Trust, Inc. announced that CT Mezzanine Partners II, L.P. has completed its final closing with $845,183,333 of total equity -- making it the largest dedicated real estate mezzanine fund ever raised. Managed by a wholly-owned subsidiary of Capital Trust and co-sponsored by
Citigroup Investments Inc., the fund expects to originate up to $2.5 billion in loans and investments over the next two years. Sam Zell, Chairman of Capital Trust, commented, ``The closing of this fund is a significant milestone in the history of Capital Trust and the real estate finance world. The capital markets for real estate continue to evolve, with securitization of both debt and equity bringing ever-greater efficiency and sophistication. Mezzanine finance has emerged as a critical component of the new capital structure; this is a major business and Capital Trust is positioned to be the industry leader.''
In its announcement of financial results, American Mortgage Acceptance Company announced that it has converted three of its five FHA insured mortgage loans to GNMA certificates. The company also announced that it has originated two permanent mortgage loan obligations financed by Fannie Mae
. The loans, totaling approximately $4 million, are secured by two low-income housing tax credit multifamily properties: Cameron Creek Apartments, a 148-unit apartment complex under construction in Dade County, Florida, and Desert View Apartments, a 46-unit apartment complex under construction in Coolidge, Arizona. These loan originations are pursuant to AMAC's joint venture with Fannie Mae, wherein Fannie Mae has approved up to $250 million of DUS loans for apartment properties that qualify for LIHTC under Section 42 of the Tax Code. AMAC originates and contracts for individual loans of up to $6 million each. American Property Financing, Inc. underwrites and services the loans for Fannie Mae. Each property in the transaction benefits from 9% LIHTC for no less than 90% of its units. AMAC receives origination fees for the transactions.
GMAC Commercial Mortgage Corp. has arranged $24,000,000 in fixed-rate financing for a Dallas, Texas hotel property. The Melrose Hotel, located at 3015 Oak Lawn Avenue, is situated on 2.75 acres of land. Today, the hotel consists of 184 oversized guestrooms and 4,965 square-feet of meeting space, which includes a 2,400 square-foot ballroom. GMAC Vice President Steve Doherty, of the Philadelphia retail production office, arranged the transaction through Delaware Lincoln Investment Advisers.