|Prime Retail, Inc. (NYSE: PRT) announced the completion of a refinancing of first mortgage loans secured by Prime Outlets at Birch Run, an outlet center containing 724,000 square feet of gross leasable area that is located in Birch Run, Michigan. The new first mortgage loan (the ``Birch Run First Mortgage Loan'') has an aggregate principal amount of $63.0 million, is secured by the Birch Run Outlet Center, and has a term of ten years. The Birch Run First Mortgage Loan requires monthly principal amortization based upon a 25-year schedule and bears interest at an effective fixed rate of 8.12%. Greenwich Capital Financial Products, Inc. provided the financing. Proceeds from the Birch Run First Mortgage Loan were used to repay in full first mortgage loans aggregating $63.0 million, including a $10.7 million ``wrap-around'' first mortgage loan due to the Company.
Wexford Bancgroup announced that it recently provided investment advisory services with partial debt and equity funding for a Marriott Renaissance Suites Hotel under construction near O'Hare International Airport in Chicago. The transaction structure consisted of $38.5 million in bridge financing, $7.8 million in mezzanine financing and an additional $10.2 million in equity financing for the new construction project. The firm provided partial funding for the bridge and equity financing. The Borrower had previously tried to obtain financing through traditional bank programs. The high-end, full-service hotel will feature 362-all suite rooms that have 480-square foot rooms with separate living areas, and construction of the fourteen-story building is expected to be complete by January 2002.
Sonnenblick-Eichner Company announced that it has arranged $36,050,000 in long term, fixed rate first mortgage financing for the 297-room WestCoast Grand Hotel on Fifth Avenue in Seattle, Washington. The WestCoast Grand Hotel on Fifth Avenue is the flagship property in the chain of 46 hotels owned, managed franchised by WestCoast Hospitality Corporation (NYSE: WEH). Elliot Eichner, Principal of Sonnenblick-Eichner Company, commented, ``The WestCoast Grand's 100% location makes this property one of the most popular in downtown Seattle among the Group segment. Also, the hotel benefits from WestCoast Hospitality Corporations' tremendous marketing strength in the Pacific Northwest.''
BRT REALTY TRUST (NYSE: BRT) announced that it recently made a $1.5 million first mortgage loan on a ``tax payer'' retail strip located in the Tremont section of the Bronx, New York. This loan closed in less than one week from application and the loan has no prepayment penalty. Commenting on the loan, Jeffrey A. Gould, President and Chief Operating Officer of BRT, noted that the loan continues BRT's desire to lend on quality income-producing properties. BRT's principal business activity is originating and holding for its own account short-term mortgage loans.