Retail Property Financing

Grassland Housing Inc., a section-eight multifamily property, secured a $1.2 million refinance loan originated by Prudential Mortgage Capital Co. The loan for the Coon Rapids, Minn., property is insured by the Federal Housing Administration, the subsidiary of the New Jersey-based Prudential Financial Inc. reported.

Among shopping center financing, a loan of nearly $3 million was collateralized by a 19,791 square foot retail property in Naples, Fla., Meridian Capital Group announced. Charles Siragusa lowered the interest rate on the building, which houses multiple mom-and-pop tenants, by 1.5 percent and will repay the 5-year loan at an interest rate of 6.17 percent. Washington Mutual Bank funded a $14 million loan secured by a retail center in Kent, Wash., according to an announcement by California-based commercial lender Venture West Funding Inc. The 10-year loan has a fixed rate for the initial seven years with flexible prepay options. Quizno’s and Starbucks are among the tenants of the 143,974-square-foot property anchored by a Lowe’s Home Improvement Center.

A $7 million loan was issued for the Irvine Spectrum Auto Care Center in California, Meridian said. The 41,543 square foot center secured a rate of 6.24 percent over a 10-year term. Over in Riverbank, Calif., a Verizon building secured a $3 million loan. Bruce Bossow agreed to repay the loan at rate of 6.75 percent over a 5-year term with a 5-year option, New York-based brokerage Meridian reported. StanCorp Mortgage Investors funded a $500,000 loan for a Southern Warehouse in Medley, Fla. The 15-year fully-amortizing loan for the 34,850-square-foot warehouse has a permanent fixed rate of 6.5 percent and a 20 percent loan-to-value, Miami-based Thomas announced.

A $1.3 million loan, with a rate of 6.6 percent over a 5-year term, was issued for a 16,500-square-foot industrial building in Delray Beach, Fla. The main tenant is a representative for large dealerships in the area, including Lexus, Meridian said.RBC Capital Markets provided a $9.9 million loan to the First Guardian Group for the Fredericksburg Rehabilitation Center. The 10-year loan for the 42,411-square-foot facility in Virginia carries 6.50 percent fixed rate. It had a 75 percent loan-to-cost with a two-year interest-only period and a 30-year amortization thereafter, Holliday Fenoglio Fowler L.P. reported.

The Pine Road Residential Estate in Miami Beach, Fla., found second mortgage financing of nearly $3.5 million through a private lender, Thomas D. Wood and Co. announced.

Meridian announced a mixed-use property in Duluth, Ga., secured a $21.6 million cash-out refinance loan that carries a 2.60 percent spread over 30-day LIBOR on a 2-year, interest-only term, and is fully non-recourse. The land the property sits on can be developed into hundreds of multifamily units and significant retail and commercial space.