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December 18, 2003


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Hudson Realty Capital LLC announced it funded a $2.55 million loan secured by a retail property in Jamaica, Queens. An anonymous borrower received the 1-year, interest only loan, which carried an 11% interest rate and had a loan-to-value (LTV) of 65%, said a Hudson spokeswoman.

SMW Property Holdings received a $2.8 million loan for a 32,000-square-foot shopping center located in New York. Spence Hill Associates said it arranged the 10-year, fixed-rate mortgage financed by a New York bank.

Tremont Realty Capital said it arranged a $10.45 million refinance loan for County View Mobile Home Park funded by a Wall Street conduit lender. The Virginia-based 464-unit manufactured housing community secures the 10-year, 80% LTV, nonrecourse loan, which has a 5.5% interest rate.

Bedford Property Investors Inc. said it obtained two 10-year first mortgage loans totaling $21.3 million financed by Bank of America. An office property in Washington secured a 5.45% fixed-rate loan of $9.9 million, while one in Colorado secured a 5.55% fixed-rate, $11.4 million loan.

A 339-unit apartment complex in Sacramento, Calif. secured a $21.75 million acquisition mortgage. PW Funding Inc. said it financed the 5.94% interest rate loan, which had a debt service coverage ratio (DSCR) of 1.26 times (x), and an LTV of 71%.

Venture West Funding announced it arranged a package of refinance loans totaling $25.095 million secured by twenty different apartment properties in West Los Angeles and one in Orange County. A single financial institution funded the 55% LTV, fully amortized, 30-year loans that carry an initial 5-year fixed-interest rate.

John Hancock Life Insurance Company financed six loans totaling $39.7 million received by Bedford Property Investor. An office and three R&D properties secure three 5-year loans aggregating $11.8 million with a 4.60% fixed rate. Another office and two R&D properties secure three 7-year loans aggregating $27.9 million with a 4.95% fixed rate.

Fannie Mae funded a $42 million government-insured refinance loan for a high-rise apartment complex in Brooklyn. Prudential Mortgage Capital said it originated the 30/15 loan, which carries a 6.69% interest rate.

GMAC Commercial Mortgage Corporation financed a $65 million redevelopment loan secured by a shopping mall in Chicago. A GMAC spokeswoman said the 30-month loan with two six-month extension options, had an interest only floating rate over LIBOR -- the London Interbank Offering Rate. Red Bank arranged the 76.1% LTV loan.

The Catholic Archdiocese of Boston borrowed a total $97.5 million from banks, and its retirement and cemetery funds to pay an estimated $90 million that it promised to victims of clergy sexual abuse, according to the Boston Globe. Citizens Bank provided the church with a $65 million loan and Century Bank provided a $10 million loan secured by the mortgage of St. John's Seminary. The church also borrowed $15 million from the Clergy Retirement Disability Trust secured by a mortgage on cathedral properties in South Boston, and additionally borrowed $7.5 million from the Cemetery Association Perpetual Care Trust. In addition to selling the properties to cover some of the loans, the church will use proceeds from two insurance policies that covered the archdiocese from 1977 to 1989, the Globe reported.

Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

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