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The Shores of Brooklyn

Recent commercial mortgage transactions

September 4, 2002


Prudential Mortgage Capital Co. closed a $173 million package of commercial mortgage loans for a venture between ProLogis Trust and Macquarie ProLogis Trust. The funding consists of three 5-year acquisition loans secured by 29 industrial mostly state-of-the-art distribution center properties in 13 states. Prudential says it provided a $120 million rate-resetable fixed-rate loan secured by 17 of the properties in a transaction and an equity pledge of the trust's Mexican properties. The second funding included a $22.6 million fixed rate and a $30.4 million variable rate mortgage secured by the additional 12 properties. With the second funding, Prudential cross-collateralized the loans, released the equity pledge on the Mexican assets, and reset the interest rate on the $120 million loan to a lower coupon.

The Twin Oaks MHP, a 141-site manufactured housing community located in Olmstead, Ohio, was refinanced for $34 million. The 10-year commitment, arranged by Tremont Realty Capital, Inc., consists of an initial 6.5% fixed rate for five years, followed by another 5-year period with a floor of 7%. The non-recourse loan has an 80% LTV.

Tremont said it arranged the refinancing of Water's Edge Towers, a 306 unit luxury residential property located just outside Boston, Massachusetts. The $19.5 million loan, which was funded through a national bank, consisted of an "A" piece for $17.5 million and a "B" piece for $2 million. The loan-to-value (LTV) on the two-year loan is about 75%.

Tremont announced that it arranged a $7.7 million refinance loan secured by Linwood Square Shopping Center, a 167,000 square foot retail center located in Indianapolis, Indiana. The non-recouse, 10-year loan was arranged for a leading national REIT and funded through a Midwest Bank. The LTV is 80 percent, and the interest rate is near seven percent. Major tenants include Kroger, CVS and the U.S. Post Office.

Red Hill Estates, a manufactured housing community located in Quaker Town, Pennsylvania, received financing arranged by Tremont. The $1.6 million 10-year non-recourse loan has a 7% interest rate and an 80% LTV.

Holliday Fenoglio Fowler, L.P. announced that it arranged $29 million in financing for the acquisition of Retreat at the Heights, a 394-unit, multifamily community in Aurora, Colorado. The three-year, adjustable-rate loan was arranged on behalf of the Laramar Group through Greenwich Capital, a conduit lender. "Greenwich was extremely diligent, particularly Steve Anderson and Rob Bernstein, and the transaction closed three weeks later," said a Holliday senior managing director involved in the deal.

A $11.7 million interim/bridge loan was arranged by Holliday for 1600 North Route 1, a 654,375 square foot bulk distribution warehouse in North Brunswick, New Jersey. The property, which is owned by 1600 Route 1 Holdings LLC, recently underwent a capital improvement program which included a new sprinkler system, new roof and enhanced parking lot.

Century Freeway Distribution Center, a 323,374-square-foot, single-story industrial building in Lynwood, California, received $9.3 million in financing arranged by Holliday. The ten-year, sub 7% fixed-rate financing was arranged through Prudential Life Insurance Company of America, a life company lender.

Holliday reported a $7.7 million transaction arranged for Gables Square, a 12-story office building in Coral Gables, Florida. The twenty-year, fixed-rate refinancing was arranged on behalf of Gables Square Holdings, Inc., through Transamerica Life Insurance Company.

A recently closed construction loan was arranged for Independence Plaza II in Middletown, New Jersey, a 42,000 square foot build-to-suit facility for Markel Insurance Company. The $5.1 million loan was arranged through a national commercial bank by Holliday.

High-yield lender SWH Funding Corp. announced it funded a $6.25 million acquisition and pre-development loan to purchase and develop the Palms Shore Club, a planned 64-unit high-end residential condominium development in Brooklyn, New York. SWH worked in conjunction with Newbridge Realty Capital, LLC to provide the funding for Emmons Avenue LLC, who SWH says "has an established track record." The property was a vacant summer resort club and catering facility.

Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

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