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Fannie DUS is Program Du Jour

Recent commercial mortgage activity

August 29, 2003


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Collateral Mortgage Capital, LLC, reported that it had arranged financing for a Manchester, Michigan, manufactured housing community. The 116-site property's first mortgage financing of $1.76 million has a 10-year term and a 25-year amortization and carries a 4.87 percent interest rate, Collateral said. The Fannie Mae DUS loan is the second one on the property in the last six months.

Summit House Cooperative received a $2.45 million second mortgage from PW Funding, a subsidiary of Charter Municipal Mortgage Acceptance Company, for capital improvements, PW reported. The Guttenberg, New Jersey, 13-story building was built in 1963, PW said. The second mortgage was reported to be funded through Fannie Mae's DUS program and carries a 6.23 percent interest rate. PW said that the cooperative has a prior loan in the amount of $7.75 million from PW.

GMAC Commercial Mortgage Corporation reported arranging a $2.5 million refinancing loan for a grocery store. The Lake Havasu City, Arizona store is one-story high with 53,574 square feet, GMAC said.

A $3.62 million fixed-rate acquisition mortgage for a retail drugstore was arranged by GMAC, the company said. The 14,490 square-foot Walgreen's is located in Bothell, Washington.

Development financing in the amount of $3.85 million was arranged by Tremont Realty Capital for Crescent Avenue Self Storage, Tremont said. The 71,800 square foot, Pennsauken, New Jersey structure will be refurbished from a discount drugstore into 680 climate-controlled storage units. The three-year bridge loan has an 85 percent loan-to-value (LTV) ratio and carries a floating interest rate of prime plus 3.75 percent, according to Tremont. The loan is nonrecourse with standard carve-outs, the company said.

PW provided a $5.1 million second mortgage for a Fountain Valley, California, apartment complex. The senior living center was financed under Fannie Mae's DUS program and carries a 6.45 percent interest rate, a 73 percent LTV ratio, and a debt service coverage ratio of 1.25 times, PW said. The borrower's first loan is also reportedly with PW Funding, valued at $36.5 million.

GMAC arranged a fixed-rate $5.4 million loan for WestBridge Apartments, it said. The California townhouse complex has 48 units and was completed this year, GMAC reported.

Tremont said it arranged two refinance loans totaling $11.84 million for two manufactured housing projects. Chesapeake Estates, in Thomasville, Pennsylvania, received $6.4 million and Chesapeake Mobile Court in Hanover, Maryland, $5.44 million. Both loans carried 5.25 percent ten-year fixed rates, with about an 80 percent LTV ratio, Tremont said.

Meredith and Grew Inc. reported arranging $19.2 million in financing for a future Massachusetts residential facility. The St. Paul Residences, in Brookline, will have 49 units consisting of one- and two-bedroom flats and townhouses, Meredith and Grew said. The funding includes a $5.2 million mezzanine loan and a $14 million construction loan.

Anne Lineberry is MortgageDaily.com's editor. She previously worked as an online editor/producer for DallasNews.com and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at [email protected]

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