|Mostly Apartment Loans
Recent commercial mortgage transactions
June 12, 2003
By ANNE LINEBERRY
|In Troy, Michigan, a $3.1 million refinancing loan was originated by Prudential Mortgage Capital Company on behalf of Fannie Mae, Prudential reported. The 10-year loan, which amortizes over 30 years, is secured by the Sunnymede Apartments II and III and carries a 5.17 percent interest rate, Prudential said.
Prudential reported originating an $8.97 million refinancing loan on behalf of Fannie for B&W Princeton. The 10-year loan is secured by the 168-unit Hallmark Village apartment complex in Lowell, Massachusetts, and carries an interest rate of 5.05 percent, Prudential said. The loan amortizes over 30 years, according to the company statement.
Teachers Insurance and Annuity Association, through Lend Lease Mortgage Capital L.P., provided a $9 million mortgage to Windrose Medical Properties Trust, Windrose reported. The two-story, Las Vegas, Nevada, medical office has a full net lease with Southwest Medical Associates, Inc., the statement said. Loan terms are a 5-percent fixed rate over 58 months, with a 30-year amortization, the statement said.
Fairfax Square Apartments, located in Fairfax, Virginia, secured a $23.5 million refinance loan from Prudential. Amortized over 30 years, the 10-year loan has a 5.5 percent interest rate, the company said, and was originated on behalf of Fannie Mae for the 502-unit property.
Essex Property Trust, Inc., reported obtaining a $54 million mortgage loan to help purchase Villa Venetia apartments. The Costa Mesa, California, complex was sold for about $74 million, the statement said. The loan has a fixed interest rate of 4.58 percent for nine years and a one-year floating/prepayment window, the statement said.
Prudential closed $70 million in commercial mortgage loans for The Lock Up Storage Centers, secured by 12 self-storage facilities, Prudential said. The loans were described by Prudential as “a $56 million seven-year fixed rate loan and a $14 million five-year floating rate loan, with both loans cross-collateralized and secured by the same asset pool.” The transaction, which also includes a rate step-down feature based on lease-up and stabilization factors, was initiated by Macquarie Capital Partners LLC, the statement said.
Anne Lineberry is MortgageDaily.com‘s editor. She previously worked as an online editor/producer for DallasNews.com and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at AnneLineberry@MortgageDaily.com
Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...