Mortgage Daily Logo
mortgage news from industry experts

Retail Property Financing

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.


next story

back to current headlines

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION