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Meet Me In Monterey

Last week's commercial mortgage activity

October 29, 2001


Glimcher Realty Trust (NYSE: GRT), a retail REIT, announced that its operating partnership, Glimcher Properties Limited Partnership, completed the financing of a $27 million mortgage secured by Ashland Town Center in Ashland, KY. The new permanent mortgage will mature on November 11, 2011, and bears interest at a fixed rate of 7.25%. With the completion of the defeasance, the outstanding mortgages on four additional properties were released. The properties are River Valley Mall, Lancaster, OH, Southside Mall, Oneota, NY, Hocking Valley Mall, Lancaster, OH, and Linden Corners, Buffalo, NY.

Heller Healthcare Finance, Inc. of Chicago has provided first mortgage financing for the acquisition of Montchanin, a 93-unit assisted living residence in Wilmington, Delaware, by Needham-based Newton Senior Living.

GMAC Commercial Mortgage Corp. has arranged $38,800,000 in fixed-rate permanent financing for a Monterey, California hotel. The 341-unit Marriott Hotel has a total of 292,407 square-feet and is situated on 2.35 acres. San Carlos Association received the funding with a 25-year amortization.

GMAC also arranged $63,820,000 in fixed-rate financing for a six-property apartment portfolio located in five states. Lehman Remic II Portfolio consists of the Northwood Apartments in Florida, Shadow Brook Apartments in Utah, Stone Mountain West in Georgia, Sunrunner Apartments in Florida, Village of Pennbrook in Pennsylvania, and Woodland Village I in South Carolina. The properties have a total of 1,992-units. AIMCO was the borrower on the Freddie Mac program plus loan.

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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