Mortgage Daily

Published On: October 19, 2007
Retail Property Financing

Recent commercial mortgage activity

October 19, 2007

By COCO SALAZAR

photo of Coco Salazar
Shopping centers and other retail properties placed prominently among transactions covered in the latest edition of commercial mortgage activity.

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.

photo of Naples retail property 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.

photo of Irvine Spectrum auto center

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.


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