|Shopping Centers and Apartments
Recent commercial mortgage transactions
June 30, 2003
By ANNE LINEBERRY
|PNC Multifamily Capital arranged a $4.5 million refinance for a San Diego apartment complex, the finance company said. The Penasquitos Village apartments received an FHA loan at 5.45 percent, down from their prior mortgage interest rate of 8.0 percent, according to a PNC statement. Part of the loan will be used for improvements to the 332 units, according to the statement.
Alexander Investment Company received $5.2 million in a refinancing deal for its Meadowbrook I Apartments, according to PNC Multifamily Capital, which arranged the deal. The San Diego, California apartment complex has 208 units and operates under a HUD Use Agreement, according to PNC. PNC Multifamily Capital said it originated the FHA loan at a 5.55 percent interest rate. The companion project to Meadowbrook I, Meadowbrook II, also in San Diego, secured $7.28 million in a refinancing loan, again by PNC Multifamily Capital, the company said. Owner Jamie Development Company lowered its current interest rate of 8.875 percent to 5.55 percent on the FHA loan, according to PNC. All 240 of the apartment units are offered under the HUD Use Agreement and 215 are Section 8 housing, PNC said.
Heritage Property Investment Trust, Inc., bought a St. Louis, Missouri shopping center, Developers Diversified Realty said in a PRNewswire press release. The property was sold for about $22 million, the statement said. Heritage assumed a $12.7 million loan with an 8.56 percent fixed interest rate, the statement said.
Kramont Realty Trust closed a $190 million mortgage loan with Metropolitan Life Insurance Company, Kramont said. Holliday Fenoglio Fowler arranged the financing, which replaces a Real Estate Mortgage Conduit Facility, according to Kramont. Kramont said the 10-year loan is interest only for the first two years and carries an interest rate of 6.12 percent, with amortization for the remainder of the term.
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:...