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ARM That Starts At 19.5%

Recent commercial mortgage transactions

October 16, 2002


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Healthcare real estate investment trust Health Care Property Investors Inc. announced it closed on a $112.75 million loan secured by the ownership interests of nine of its large core retirement facilities. The 19.5% rate loan will require cash payments of 9% of the original principal amount per year until April 2004, with the interest payment rate increasing each year thereafter by 55 basis points. The principal balance and all remaining interest will be payable upon the maturity of the loan which is prepayable after three years.

Prudential Agricultural Investments reported that it originated a $45 million loan package for The Collins Companies. The transaction was structured in multiple notes ranging from five to 15 years and is secured by more than 75,000 acres of hardwood timberland on multiple tracts in northwest Pennsylvania, along with 48,000 acres of pine and fir timberland in southern Oregon.

Prudential Mortgage Capital Company announced it has originated a $24.3 million refinancing loan for a 352,000-square foot retail property in Fort Worth, Texas. The 10-year loan, issued for R.P.I. Bryant Irvin Road, has a 30-year amortization and a 6.91% rate.

Prudential Huntoon Paige, an indirect subsidiary of Prudential Financial, Inc., announced that it originated a $14.4 million loan, to help finance the construction of the Essen Park Apartments, a 216-unit garden apartment complex in Baton Rouge, Louisiana. The 40-year loan, written through the FHA 221(d)(4) program, has a 6.45% interest rate and a fully amortized 40-year term.

Ashford at Spring Lake, a 180-unit garden apartment complex in Atlanta, Georgia will secure an $11.4 million construction loan originated by Prudential. The fully amortized 40-year loan has a 6.45% rate.

Holliday Fenoglio Fowler, L.P. announced that it arranged $16 million in financing for 5000 Marina Boulevard, a 63,000-square foot a three-story, Class A office building located in the San Francisco Bay area. The fixed rate loan, which has a term of 9.75 years, was arranged on behalf of Foster Enterprises through Quad Capital Advisors, a private investor.

One Atlantic Street, an 81,533-square foot office building located in Stamford, Connecticut, secured a refinance loan for $10.8 million arranged by Holliday. The 7-year, fixed-rate financing was arranged on behalf of Ivy Equities through conduit lender C.S. First Boston.

Holliday said it arranged financing for 99B Caven Point Road, a 180,308-square foot industrial facility in Jersey City, New Jersey. The $10 million in financing was arranged through a correspondent life insurance company. Holliday noted that the borrower, Hartz Mountain Industries, Inc., owns and manages one of the largest privately held commercial real estate portfolios in the U.S., comprised of approximately 185 properties and totaling more than 35 million square feet in the northern New Jersey/New York area.

River Crossing II, an 83,697-square foot Class A office building in Indianapolis, Indiana, will secure $8 million in financing arranged by Holliday. The seven-year, fixed-rate refinancing was arranged on behalf of Gibraltar Properties and PK Partners through conduit lender J.P. Morgan Mortgage Capital.

Urban America received $7 million in financing arranged by Holliday for the acquisition of Northside Shopping Center, a 478,000-square foot shopping center in Miami, Florida. The 3-year adjustable rate financing was arranged through Commerce Bank, a bank/thrift lender.

Holliday announced that it arranged $5.2 million in financing for the acquisition of Westpoint Distribution Center I, a 107,450-square foot, single-story light-industrial building in Tamarac (Broward County), Florida. The 10-year, fixed rated financing was arranged on behalf of Westpoint Center, Ltd. through Principal Capital for their securitized lending program.

Teles Properties received $4.9 million in financing arranged by Holliday for the acquisition of 1470 South Valley Vista Drive, a 50,351-square foot, two-story office building located in Diamond Bar, California. The 8-year, fixed rate loan was arranged through Morgan Stanley.

Holliday reported that it arranged a $3 million refinancing for the Jackson Square Apartments, a 135-unit, garden-style apartment community in San Antonio, Texas. The 10-year, fixed rate loan was arranged through Column Financial, Inc., a conduit lender, for the borrower -- a California limited partnership on behalf of Jerry Kay.

Financing for the acquisition of Villa Rica Industrial Park, a 609,775-square foot, single-story industrial building in Villa Rica, Georgia, was arranged by Holliday. The $2.5 million mezzanine financing was arranged on behalf of Solution Property Group through U.S. Bancorp/Piper Jaffrey.

East Hampden Avenue, a 23,614-square foot medical office building in Englewood, Colorado, will secure $1.8 million in acquisition financing arranged by Holliday, according to an announcement from the company. The ten-year, fixed-rate financing was arranged on behalf of Esteem Ventures, LLC through life company lender U.S. Bancorp Asset management.

Holliday announced that it recently arranged acquisition financing for a three-building industrial portfolio located in Branchburg, New Jersey and Lehigh Valley, Pennsylvania. The acquiring firm was Denholtz Associates. The properties encompass a portfolio totaling 230,735 square feet -- 100% leased to multiple tenants.

Nationwide Life Insurance Co. provided $22.6 million in first mortgage financing for three properties located in Arizona. The borrower, Bedford Property Investors Inc., is a self-administered equity real estate investment trust, Bedford said in an announcement. The interest rate is fixed for three years at 4.61%, then reset in years three and six. Loan proceeds were used to pay down a portion of Bedford's $150 million line of credit.

Venture West Funding, Inc. announced that it completed a $7.9 million permanent loan to pay of financing used to build the Mammoth Equities Building, a 52,000-square foot office building in Mission Viejo, California. The loan, which Venture West says an atypical debt service coverage ratio (DSCR), was arranged with a regional savings bank.

A $6.6 million loan secured by a 12.56-acre shopping center in La Mesa, California was completed by Venture West, according to an announcement from the southern California mortgage broker. The interest rate on the loan is 140 basis points over the 10-year T-Bill Index, and the loan is amortized over 30 years.

A $13.2 million permanent mortgage loan to acquire the 444-unit Treehouse Village Apartments in College Station, Texas was funded by Bridger Commercial Funding. According to an announcement from Bridger, the 6.45% nonrecourse loan has a 25-year amortization and a 10-year term. The DSCR is 1.36 times (X), and the loan-to-value (LTV) is 80 percent.

Tremont Realty Capital, Inc. said it arranged financing totaling $8.5 million for the acquisition of four manufactured housing communities located in the Rio Grande Valley of Texas through a conduit loan program. The properties, Homestead Ranch, The Homestead, Trail's End and Leisure World, were financed with two 6% nonrecourse loans for $5.8 million and $2.6 million. Both loans have a 30-year amortization.

Ramco-Gershenson Properties Trust announced it has acquired a vacant 81,000 square foot Kmart store plus 9,600 square feet of retail space by purchasing the existing note and signing a 99-year land lease with the fee owner. The purchase price was $2.4 million.

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

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