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October 17, 2001


Prudential Mortgage Capital Company announced that it recently originated a $30 million refinance loan for its conduit for Pan-Med Enterprises, a California Limited Partnership. The 10-year loan is secured by the Pacific Professional Building, a 110,876-square-foot medical office building in San Francisco. The loan is a refinance of a general account loan made 15 years ago. Built in 1985, the building is 100 percent occupied. The loan has an amortization of 27.5 years and an interest rate of 7.4 percent.

Venture West Funding, Inc., a Southern California-based mortgage brokerage firm, announced that it has arranged construction financing for an 80,000 square foot medical office project in Orange, California. The $14.8 million loan was arranged with KeyBank National Association. The project is situated on 3.28 acres and will consist of two identical 40,000 sq. ft., two-story concrete tilt-up buildings with a separate two-story parking garage. The property is 88% pre-leased. Occupying approximately 15,000 sq. ft. of the project is an ambulatory care facility with operating rooms and outpatient facilities. "Despite the horrific tragedies of September 11, our business efforts continue. We have closed four major loans totaling over $47.6 million since then,'' concluded Venture West founding partner Matt Douglas.

GMAC Commercial Mortgage Corp. has provided $44 million in interim financing for a 288,813 square-feet 339-unit complex located in Walnut Creek, California. GMAC Institutional Advisors provided an equity investment to acquire the Walnut Creek multifamily residential property. The 17.25 acre property was built in 1970 and is adjacent to the Diablo Hills Golf Course.

AMI Capital, Inc. closed a $6,992,200 second mortgage loan on a class A
690-unit apartment community in Kansas City, Missouri. The 6.99 percent Fannie Mae DUS loan had a 10-year term and a 30-year amortization with 9.5-year yield maintenance. The loan-to-value was 79.61 percent, and debt service coverage was 1.25 times.

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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