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Cali Commercial Collateral

Recent commercial mortgage transactions

October 1, 2003


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Prudential Mortgage Capital Company funded a $5.2 million loan against a California industrial warehouse. The 172,998 square foot property, located in Rancho Cucamonga, secures the 20-year-loan, which amortizes over 20 years and has a 4.96% interest rate. Johnson Capital arranged the loan.

Prudential announced a $7.2 million refinance for 750 Battery Street. Prudential San Francisco originated the loan for the 94,930 square foot office complex in San Francisco, California.

Trizec Properties Inc. sold its Sears Tower interests for $9 million to MetLife. Trizec, the tower's second mortgage holder, managed and leased the property for six years before selling it to the first mortgage holder -- MetLife. Trizec will remain operator of the property, under a contract in effect in 2004. Since Trizec will not assume ownership, it said it will not add approximately $766 million of mortgage debt (including principal and accrued interest) to its balance sheet.

Prudential funded a $9.8 million ground lease secured by Sam's Club/Wal-Mart. Michael O'Connor and Company in Sausalito, California arranged the 13.43-acre land loan.

PNC MultiFamily Capital announced it secured $10 million in construction financing for the Rio Grande Hospital. The construction loan for the Del Norte, Colorado-hospital is the nation's first loan insured under the Housing and Urban Development (HUD) 242 program for Critical Access Hospitals, according to the announcement. PNC said the 25-year fixed rate loan has an amortization of 25 years, a 5.375% interest rate, a 90% loan-to-value (LTV) and a 1.25 times (x) debt service coverage ratio (DSCR). Funds will allow Del Norte, which has a population of 1,709, to build a needed replacement facility on a 35,000-square foot parcel of land.

Stapley Office Center secured a $10.1 million commercial mortgage loan funded by Prudential. The five-year loan, arranged by Prudential Los Angeles, has a 4.62% interest rate. The 272,708 square foot multi-tenant office complex is located in Phoenix, Arizona.

The Paramount Hotel in Portland, Oregon, secured an $11 million refinance funded by Prudential. Northwest Commercial Mortgage Company in Washington arranged the loan of the 154-unit facility built in 2000.

Prudential Huntoon Paige said it originated a $38.3 million loan funded by Prudential Mortgage to finance construction of the second phase of Southgate Towers and Southgate Village in Baton Rouge, Louisiana. The Towers, a 316-unit apartment community to be built near Louisiana State University, secured the loan. Included in the loan, which closed August 21, 2003, is a construction loan that converts to a 40-year permanent loan after 1½-years. Both the 1½-year loan and the 40-year loan have a 5.15% interest rate. The 112,000 square foot community of both properties will cost an estimated $200 million to complete.

Amerivest Properties Inc. refinanced a $39 million portfolio loan funded by RBS Greenwich Capital. The Parkway Centre II building in Texas, the Southwest Gas building in Arizona and the Centerra building in Colorado secured the 5.13% fixed-rate interest loan through October 1, 2008.

Holliday Fenoglio Fowler L.P. arranged a $56.5 million refinancing and interim bridge loan for the Bridge V Portfolio in San Francisco, California. The Lembi Group secured the three-year loan of the 17-building Class B multifamily portfolio, which has a 1.03x going-in DSCR. The interim bridge loan comprised of an 80 percent mezzanine mortgage, results in total portfolio leverage of 88% LTV.

Mortgage property transactions of $171 million were successfully completed by American Retirement Corporation with Health Care Property Investors Inc. American sold its interest in four retirement centers, which total 1,170 units, and leased three of the properties back from HCPI for terms up to 10 years. Finances on land parcels adjoining the two communities were also involved. The proceeds were used to repay debt by approximately $158 million, including $52 million of it's 19.5% mezzanine debt.

Three regional malls and one associated center secured $196 million long-term, non fixed-rate loans funded by CBL & Associates Properties Inc. The Wachovia Bank N.A. arranged the four loans, which have a blended rate of 4.85% and a weighted average maturity of 6.5 years, with individual loan terms ranging from five to ten years. The loan of the associated center and malls located in South Carolina, Michigan, and Texas are not cross-defaulted or cross-collaterized.

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

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