Office Financing Activity Heats Up

The San Miguel Apartments in Albuquerque, N.M., secured construction financing of $6.9 million for Phase II or 72-units. PPM funded the loan based on 4-year term interest only, according to NorthMarq Capital Inc., which said it was the previous lender of Phase II as well as Phase 1.

Over in Venice, Fla., the Venetian at Capri Isles Apartments collateralized a 10-year, fixed-rate loan of $10 million provided by Greenwich Capital, Miami-based Holliday Fenoglio Fowler LP announced. The complex’s 18 buildings hold 180 units.

Capmark Finance Inc. said Wednesday it funded a $10.6 million floating-rate, interim loan for the acquisition of Chapel Lakes Apartments in Wetumpka, Ala. The 90 percent LTV loan for the 152-unit multifamily property of 189,280 square feet has a three-year term with interest-only payments.

A $23 million loan was collateralized by the Creek’s Edge at Stony Point, a 202-unit Class A multifamily community in Richmond, Va. Holliday said it placed the 10-year, fixed-rate loan with Quadrant Real Estate Advisors.

Allianz provided a 5-year $25 million interest only loan for the acquisition of Heathergate, a 202-unit multifamily property in Philadelphia, Penn., NorthMarq announced.

Holliday said it arranged acquisition financing of $26 million, and preferred equity for Townlake of Coppell, a 398-unit multifamily property in Coppell, Texas. CNC Investments agreed to an 11-year, fixed-rate acquisition financing that was placed with Freddie Mac, Holliday said.

A regional lender in Los Angeles, Calif., provided a $13.4 million loan for acquisition of land consisting of 40,000 square feet of commercially entitled property in downtown San Diego, NorthMarq reported. The loan is based on a 24-month term with a one 12-month extension option at interest only for term.

VOW LLC received almost $20 million in financing from Citigroup secured by a retail center of 118,500 square feet in Alabama, NorthMarq reported. Major tenants of the Village of Whitesburg are Fresh Market, Bonefish Grill, Panera Bread Co. and AT&T. The 10-year loan has a 30-year amortization schedule.

In office financing, the Watermark Office Plaza in Tampa, Fla., secured financing of nearly $4.4 million from Advantus Capital Management. The 10-year loan has a fixed rate of 6.52 percent, 25-year amortization, and loan-to-value of 70 percent. The 53,262 square-foot office plaza consists of a couple of two-story buildings, according to an announcement Wednesday by Coral Gables, Fla.-based Thomas D. Wood and Co.

USA Properties Fund Inc. received a $6.3 million fixed-rate securitized loan from JP Morgan Mortgage Capital Inc. for the acquisition of Fairway Plaza, two office buildings totaling 82,892 square feet in the Las Colinas Business Park in Irving, Texas, Holliday announced.

The Weymouth Woods Medical Center, a medical office building of 68,621 square feet in Massachusetts, secured $16.5 million in financing from Allstate Investments LLC, Holliday said. The borrower is Campanelli Cos.

A $47 million refinance loan was collateralized by a 175,000-square-foot Class A office building in Parsippany, N.J., Holliday said. The 5-year, fixed-rate loan was funded by The Union Labor Life Insurance Co. Deloitte & Touche has signed a lease for 91 percent of the building.

GE Real Estate funded a $50 million loan for the purchase of Maryland Trade Center I & II. The Maryland 342,000-square-foot office buildings secured the 4-year interest only loan, Minnesota-based NorthMarq announced.

In Arlington, Va., the Ballston Tower collateralized a 10-year, fixed-rate securitized refinance loan of $60 million from UBS Investment Bank. Consortium Atlantic Realty Trust Inc. is the borrower of the loan for the 11-story, 224,000-square-foot Class A office building, which sits above a mall and is fully leased to E*Trade Financial Corp., Holliday announced.