|MortgageDaily.com tracked a total of 38 commercial mortgage transactions for $712.1 million during the past 12 days. Included in the activity were 10 multifamily deals totaling $64.5 million, nine retail properties financed for $41.5 million and one mixed use property financing for $343.0 million.
Hammond Gardens, a 46-unit multifamily property located in Philadelphia, Penn., secured a $1.5 million loan with a rate of 6.16 percent over a 10-year term, Meridian Capital Group announced.
The Spencer Place Apartments in Philadelphia secured 10-year loan of $2.5 million at rate of 6.16 percent, Meridian reported. The multifamily property has 57 units.
A $3.6 million loan was collateralized by the Willowood Apartments, a multifamily property of 20 townhomes and 125 units in Dayton, Ohio. The 10-year loan holds a rate of 6.39 percent and represented 87 percent loan-to-cost, Meridian said.
Capmark Finance Inc. recently announced it originated permanent refinancing for two multifamily properties in Houston. One was a $3.65 million loan for Ashley Crest Ltd. secured by 168-unit Ashley Crest Apartments at a 5.99 percent fixed-rate and the other a $4.05 million loan for Salitex I Ltd. secured by the 202-unit Cimarron Landing Apartments at a rate of 6.02 percent. Each loan has a 10-year term with a combination of a partial interest-only period and a 30-year amortization period for the remainder of the term.
An interest-only loan of nearly $4.3 million was secured by the Merritt Island Garden Apartments, Thomas D. Wood & Co. announced. The loan-to-value for the 101-unit apartment complex in Florida is 75 percent and must be repaid at LIBOR plus 250 basis points.
The Lakewood Hills Apartments in North Little Rock, Ark., secured $9.5 million in 5.92 percent fixed-rate, permanent refinancing, according to California-based Capmark. RCP Lakewood LLC will repay the 70 percent LTV loan over a 10-year term with interest-only payments. The property holds 34 apartment buildings, totaling 260 garden-style units.
Bammelbelt LP received a $10 million loan from Allstate Investments LLC for the 145-unit Greenbriar Chateau multifamily property in Houston, Texas, NorthMarq Capital Inc. announced.
A $10.7 million loan was issued for Lauder Ridge Apartments, a 152-unit multifamily property in North Lauderdale, Fla., Meridian said. The financing carries a 6.25 percent rate over a 3-year term with one year interest only.
Over in San Diego, Calif., five Class-A apartment buildings containing a total of 133 units secured a $14.7 million purchase and refinance portfolio loan, California-based Venture West Funding Inc. announced. The 5-year, fixed-rate, interest-only loan has a rate below 6.0 percent.
In the world of retail property mortgages, AUL provided to Robert Kaplan Trust a $1.5 million first mortgage secured by a ground lease that holds a Regions Bank branch as a tenant in Glen Carbon, Ill. The loan has a 20-year term with a 20 year amortization schedule, NorthMarq said.
StanCorp Mortgage Investors provided a $650,000 loan for Rooney Enterprises, a 7,249-square-foot retail center and car dealership in Kissimmee, Fla., Thomas reported. The loan has a fixed rate of 6.5 percent over a 10-year terms, with a 25-year amortization, and the loan-to-value is 65 percent.
Bank of America funded an $8.9 million first mortgage for the 66,323-square-foot Gander Mountain retail property in Farragut, Tenn., as well as a $7.8 million first mortgage for the Winchester, Va., Gander Mountain of 57,730 square feet, NorthMarq said.
Other office building activity included arrangements by NorthMarq for Bammelbelt LP to receive a 3-year interest only loan of $6.5 million from ViewPoint Bank secured by the 123,400-square-foot Fountainview Office Buildings in Houston and for Delaware Investments to fund a $4.7 million first mortgage for 35,000-square-foot On-Campus Medical Office Building — Northwest Hospital in Tucson, Ariz., on a 10-year term with a 30-year amortization schedule.
Prudential Mortgage Capital funded a $14.5 million first mortgage for the acquisition of Olive Grove Senior Living Resort, a 212-unit property in Riverside, Calif. Olive Grover Properties LLC will repay the loan, which has a 5-year term with 2 years interest only then a 30-year amortization schedule, Minnesota-based NorthMarq said.
Capital One bank provided 36-month term interest only construction financing of $3.4 million for Royal Storage in Prosper, a 466-unit self-storage facility in Prosper, Texas, NorthMarq reported.
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