|East Coast Transactions
Last week's commercial mortgage activity
December 17, 2001
By MortgageDaily.com Staff
Blackburne & Brown Mortgage Company, Inc., a California-based hard money lender, closed an $800,000 refinance mortgage on Naukeag Hospital. The property securing the transaction is a 26-room bed, drug and alcohol rehabilitation center in Ashburnham, Massachusetts. The 15-year private-money loan was written at 14.9% with 3.5 points and no prepayment penalty.
Mortgage giant Freddie Mac announced that it has funded almost $0.5 billion in New York City multifamily mortgages since September 11. In addition to last week's record $205 million Queens, N.Y. high-rise mortgage purchase from GMAC Commercial Mortgage, Freddie announced the funding of Waterside Plaza in East Manhattan. The 1,470-unit property consists of 4 towers and 2 three-story buildings and was also financed through GMAC. The five-year loan uses a Freddie Mac Reference Bill-based credit facility. The interest rate will be based on Freddie's Reference Bills, and the borrower can request to extend each borrowing at the end of interest periods ranging from 1-12 months.