|Commercial mortgage lenders and brokers were busy this past week with 23 deals tracked by MortgageDaily.com for $1 billion mostly on multifamily, retail and office properties.
Cedar Shopping Centers Inc. announced it assumed an $86 million exiting first mortgage, with a weighted average interest rate of less than 6 percent, on six shopping center properties it purchased for $117 million. Two of the properties are located in Massachusetts, and the remaining four are in Connecticut, New York, Maryland and Pennsylvania, all aggregating 870,000 square feet of gross leasable area.In office property activity, Advantus Capital Management funded a $4.9 million loan for the Blue Heron Office Building in St. Petersburg, Fla., Thomas D. Wood and Co. announced. The 51,241-square-foot property secured a fixed-rate of 6.17 percent over 10 years with a 25-year amortization and loan-to-value of 72%.
Advantus also provided a $9 million loan for the refinancing of the Bakker Office Buildings in Bradenton, Fla., at fixed rate of 6.23 percent for a 5-year term and a 25-year amortization. The three buildings, totaling 103,848 square feet, are home to major tenants such as Bank of America and Wells Fargo, Miami-based Thomas D. Wood said.
A $24.5 million loan for an office complex in Dallas, Texas, was reported by Johnson Capital.The latest activity was topped by a $500 million financing secured by Financial Square, a Class A office tower in downtown Manhattan featuring over 1.1 million square feet of office space, according to Holliday, based in Miami. Beacon Capital Partners will acquire the building through the 5-year, fixed-rate loan it received from Met Life Real Estate Investments, New York State Teachers Retirement System and GE Pension Trust. Tenants include Goldman Sachs, AIG, Bank of New York, HIP, Daiwa and the U.S. General Services Administration.
Hotel activity included $24 million in financing and joint venture equity for a 150-room, Hyatt Place hotel to be developed in Birmingham, Ala., Holliday said. The joint venture between Welden Field Group and Corporate Realty Development received $19.35 million through a 5-year construction loan by Capmark Finance and the $4.9 million joint venture equity investment from SRI Ventures LLC.
Meanwhile, the Baltimore Waterfront Marriott Hotel secured a $75 million permanent loan financing for UBS Global Asset Management, Global Real Estate, Holliday said. The 7-year fixed-rate loan for the 32-story, 754-room, Maryland property was provided by MetLife Real Estate Investments.
Boston, Mass.-based Love Funding announced it closed a refinance loan of nearly $7.3 million for Casa Otonal Housing Corp., a 105-unit senior housing property in New Haven, Conn. The government-insured, fixed-rate loan, with a 6 percent interest rate and 35-year amortization, replaced a $6.1 million loan that carried a 9.25 percent interest rate.
The Vineyards at Blue Point, a senior living development project in Long Island, N.Y., secured land acquisition financing of $18.4 million for Ornstein Leyton Co., Holliday announced. The financing for the 280-unit project consisted of a $6.9 million adjustable-rate senior loan from M&T Bank and an $11.5 million mezzanine loan with Square Mile Capital Management LLC & Latus Partners LLC.
John Hancock Life Insurance Co. provided MDG Realty LLC with a $10 million first mortgage for a five-property, 259,537-square-foot industrial portfolio in Woburn, Mass., Holliday announced.
New Jersey-based Kennedy Funding announced it provided a $15.1 million loan for the Blackwell Human Services Campus, a Pennsylvania mental held care center that was on the verge of closing due to previously acquiring a sizeable mortgage with a three-year note that had its maturity moved up two months and increased by almost $1 million.
back to current headlines