|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.
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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