home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.


Landmark Transactions

Recent commercial mortgage transactions

December 12, 2002

By CHRISTY ROBINSON


click here to read prior article about commercial transactions


click here to submit your commercial mortgage transaction for publication


Apartment Investment and Management Company announced it has closed on The Villas at Park La Brea, a mid-rise apartment complex located just east of Beverly Hills, Calif. Apartment Investment purchased the property for $55.5 million and will fund the transaction with $38 million in 6.01% fixed rate mortgage debt, with the remainder drawn from its line of credit. The Villas is a Mediterranean style, upscale community with 250 apartments and state-of-the-art amenities, according to Apartment Investment.

The Dallas and New York offices of Holliday Fenoglio Fowler, L.P., announced it arranged a $64.35 million acquisition financing for 2100 McKinney Avenue, a 359,155 square-foot, multi-tenant office building in the Uptown/Turtle Creek submarket of Dallas. The three-year, adjustable-rate acquisition financing was arranged on behalf of Commercial Developments International East through Lehman Brothers Principal Transactions, a group lender. The building's major tenants include Crow Family Holdings; Gibson, Dunn & Crutcher LLP; Ernst & Young, LP; and Texas Capital Bancshares, Inc., the banking firm said.

The Houston office of Holliday Fenoglio Fowler said it has arranged a $12.6 million financing for Westport Industrial Portfolio, a seven-property, 206,664 square-foot industrial portfolio in Houston. The 10-year fixed-rate refinancing was arranged on behalf of Westport Business Park, Ltd., through Greenwich Capital Markets, Inc., a conduit lender. The properties in the portfolio are divided into two parcels and contain rentable office and warehouse space. The banking firm said the portfolio's major tenants include Midway Importing, Emmott Walker Printing, Compass Bank Houston, Legal Media, and Package Express.

The same office announced it also arranged a $12.3 million acquisition loan for the Landmark Graphics Building, a six-story, 145,343 square-foot office building in Houston. The three-year, adjustable-rate financing was arranged on behalf of Songy Houston I Associates, LP through Fremont Investment & Loan. The property includes the office building, an adjacent parking garage, and approximately 11 acres of undeveloped land with frontage along Interstate 10.

The Boston office of Tremont Realty Capital reported it arranged financing for the acquisition and roll-up of 23 border industrial properties located mainly in Texas and New Mexico. The $55.1 million financing was comprised of a two-part $48.35 million senior loan and a $6.8 mezzanine loan. The loan was structured as a floater, Tremont said.

The same office announced it arranged a $12 million construction loan for the second phase of The Residences at Chestnut Hill, a luxury 22-unit condominium development in Chestnut Hill, Mass. The two-year loan was funded through a regional lending relationship. The residential enclave is within walking distance of the Chestnut Hill and Atrium malls, cinemas, and dining, Tremont said.

The Boston office also said it arranged a $15 million loan for the acquisition of the Brazilian Court Hole, a 103-key resort hotel in Palm Beach, Fla. The borrower plans to convert the property into luxury hotel condominiums in the near future, Tremont said. The loan was funded by one of Tremont's national lender relationships.

Holliday Fenoglio Fowler's New York office announced that it arranged a $63 million permanent loan for Jamaica Center, a retail, entertainment, and office complex in Jamaica, Queens, New York. Jamaica Center is 411,000 square feet and has three levels. The fixed rate loan was arranged on behalf of Mattone Group Jamaica Co, LLC through RBS Greenwich Capital, a conduit lender.

SWH Funding Corp. of Hackensack, N.J., along with Citizens Bank of Philadelphia, financed the purchase of the Camp Hill Mall in Camp Hill, Pa. The mall, purchased by Cedar Income Fund, LTD, is a 523,000 sq. ft. regional shopping mall with several outparcels located on about 44 acres. The purchase price, including estimated closing costs, was more than $18 million, Cedar Income reported. Principal tenants of the mall include Boscov's, a Giant supermarket, Barnes & Noble, and Zany Brainy.

The Westport, Conn., office of Holliday Fenoglio Fowler said it arranged the refinancing of a six-story, 123,025 square-foot multi-tenant office building in Secaucus, N.J. The seven-year, fixed-rate, securitized $14.75 million loan was arranged on behalf of Ivy Equities, LLC through J.P. Morgan Mortgage Capital, a conduit lender. The office building, 300 Harmon Meadows, is situated on a six-acre site in the Harmon Meadow Corporate Plaza. It includes an adjacent .47-acre site and is 100% leased to 13 tenants, including Bank of America Corporation and Bank One Corporation, Holliday Fenoglio Fowler said.

Tremont's Hartford, Conn., office announced it arranged a $19.5 million loan for Water's Edge Towers, a 306-unit, multi-family property located on the beach in Revere, Mass. Tremont secured financing through one of its banking relationships, it said.

PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Company, reported that it converted to permanent financing a $3.9 million forward commitment that was issued in May 2001 for the future first phase of a four-phase garden apartment complex in Stockton, Calif. The permanent mortgage has a term of ten years and amortizes over 30 years, PW Funding said.

PW Funding said it also funded a $19.3 million mortgage for Brittany Park Seniors Apartments in Woodinville, Wa., about 15 miles northeast of Seattle. The financing is comprised of two loans: the first mortgage, in the amount of $18.6 million; and the fixed-rate conventional second mortgage, in the amount of $750,000. Proceeds of both loans were used by the borrower to refinance the existing mortgage loan on the property and to pay bond issuance costs, PW Funding said. Brittany Park is a 205-unit complex.

Administaff, Inc. announced it has secured a binding commitment letter from General Electric Capital Business Asset Funding Corporation for a $36 million mortgage that is expected to close later this month. The new financing will be secured by real estate located at Administaff's headquarters in Kingwood, Texas, and will be payable in monthly installments of about $230,000 over five years, with the remaining balance due upon maturity in December 2007, Administaff reported.

The Boca Raton and Chicago offices of Holliday Fenoglio Fowler, L.P. arranged a $9 million acquisition financing for Prospect Place, a 160,000 square-foot, two-building office complex in West Palm Beach, Fla., the banking firm said. The three-year, adjustable-rate securitized financing was arranged on behalf of 3111 South Dixie Highway, a limited liability company sponsored by UrbanAmerica, L.P., through Greenwich Capital, a conduit lender. Prospect Place is situated on 9.37 acres and has 541 parking spaces.

The Annapolis office of Tremont said it arranged for the refinancing of Pioneer Village MHC, an 83-site manufactured housing community located in Horseheads, N.Y. The 10-year, non-recourse $1.4 million loan was funded through a securitized lender. At the time of closing, the property was 95% occupied.

Christy Robinson is the editor of MortgageDaily.com. She received a bachelor's degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at: [email protected]



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders