|GMAC Commercial Mortgage Corp. has arranged $16,000,000 in fixed-rate permanent financing for a King of Prussia, Pennsylvania shopping center. Henderson Square Shopping Center has a total of 107,000 square-feet and is situated on 14 acres of land.The retail property is 95% leased and is located in the highest-rated retail area in suburban Philadelphia. Kravco Company, one of the leading retail developers in the country, developed the project. Henderson Square LP was the borrower.
GMAC also provided $25,970,000 in floating-rate interim financing for a Groton, Connecticut hotel property. The Mystic Marriott Hotel and Conference Center, located at 625 North Road, has a total of 617,130 square-feet and is situated on 236,989 square-feet of land. Amenities include an Elizabeth Arden Red Door Spa, indoor whirlpool spa and swimming pool, Octagon Restaurant and Lounge, fitness center, gift shop and a business center. Meeting space consists of 20,000 square-feet including a 10,320 square-foot ballroom. Exit 88 Hotel, LLC received the funding with a 25-year amortization.
Furthermore, GMAC completed and funded a $115 million portfolio loan including three retail malls for General Growth Properties, Inc (NYSE:GGP). The three mall properties are Gateway Mall, Capital Mall and Greenwood Mall. The 10-year loan was amortized on a 30 year schedule. The borrower is Real Estate Investment Trusts. GGP is the nation's second largest owner of retail malls and the largest third party mall manager.
Prudential Mortgage Capital Company announced that it recently closed a $4.3 million commercial mortgage loan for its conduit. The loan is secured by Stoney Ridge Apartments, a 108-unit Garden Apartment complex in Fayetteville, N.C., near Fort Bragg and Pope Air Force Base. The loan consists of a 10-year term, followed by 30-year amortization schedule at an interest rate of 7.20 percent.
Prudential also announced that it recently originated an $8.7 million commercial mortgage loan for its conduit to RSV Twinsburg Hotel Ltd. The loan is secured by Hilton Garden Inn-Cleveland/Twinsburg, a 142-room, full-service hotel in Twinsburg, Ohio. The loan consists of a 10-year term, followed by 25-year amortization schedule at an interest rate of 8.05 percent. Melissa Franklin was Prudential's mortgage originator.
Prudential Huntoon Paige Associates announced that it recently originated a $21.2 million construction mortgage for an apartment complex in Colorado. The construction loan is secured by the Legacy Village Apartments, a 234-unit complex being built in Aurora, Colo. The 40-year loan, issued through FHA, carries a 7.3 percent interest rate.
Prudential Huntoon Paige Associates also announced that it recently originated a $2.4 million mortgage secured by an assisted living facility in New Mexico. The loan is secured by Cottonbloom Retirement and Assisted Living, a 43-bed facility in Las Cruces, N.M The loan, issued on behalf of FHA, consists of a 35-year term, carrying an interest rate of 7.125 percent.
Additionally, Prudential Huntoon Paige Associates announced that it recently originated a $3.8 million mortgage for a garden apartment complex in Salt Lake City, Utah. The loan is secured by the Renaissance Apartment Suites, a 60-unit complex in Salt Lake City, Utah. The 35-year loan, issued through FHA, carries an interest rate of 7.1 percent.
The Mirage and The Lakes Apartments in Fresno, Calif., have been refinanced thanks to a $11,935,000 loan arranged by Holliday Fenoglio Fowler, L.P. Fowler's Los Angeles office coordinated the 10-year, fixed-rate financing for the property on behalf of The Lee Investment Company through Lend Lease (FMNA). The 484-unit multi-family property in was built in 1980 and is currently 98 percent leased.
Wexford Bancgroup financed $1,485,000 in acquisition financing for a 77-unit multifamily property located in Battle Creek, Michigan. The non-recourse mortgage loan features a 10-year term based on a 30-year amortization schedule. The details of the transaction include a 75% loan-to- value, 78% loan-to-cost and 1.20 debt-service coverage ratio. The apartment complex contains a total of 77-units housed within 1 four-story building, 2 two-story buildings and 2 three-story buildings situated on 6.08 acres.