|Mortgage bankers originated $18.7 billion in commercial and multifamily real estate loans during the 3rd quarter of 2001 compared with $17.7 billion in the 2nd quarter of 2001 and $14.1 billion in the 3rd quarter of 2000, according to the latest survey by the Mortgage Bankers Association of America. They also expressed optimism that 4th quarter volumes would be even higher despite generally tighter credit standards. Life companies financed the largest share of commercial and multifamily loans originated during the quarter. Fannie Mae and Freddie Mac had a combined share of 24.0% of the dollar volume of loans, and 30.2% of the number of loans.
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The 538,000 square-foot Union Bank of California Center, a 41-story office building in downtown Seattle, has received $90 million in financing arranged by Holliday Fenoglio Fowler, L.P. The adjustable-rate, three-year loan on behalf of Walton Street Capital, LLC, was arranged through GMAC Commercial Mortgage Corporation (GMAC). The building, which was built in 1973, is 88 percent leased.
Holliday Fenoglio Fowler, L.P., also arranged construction financing for the Auburn Apartments, a 328-unit luxury multifamily community in Durham, North Carolina. The $22 million adjustable rate loan was obtained through GMAC.
|United Mobile Homes, Inc. (AMEX: UMH) announced that it has closed on a $5.8 million 10-year loan secured by Allentown Mobile Home Community in Memphis, Tennessee. The 6.36% loan utilized the Fannie Mae DUS (delegated underwriting and servicing) product line wherein Capri Capital Finance, LLC of Arlington, VA acted as lender. United Mobile Homes, Inc. plans to borrow up to $20 million using long-term mortgages on its now free and clear manufactured home communities.