|Multifamily property deals accounted for half of the latest commercial loan transactions tracked by MortgageDaily.com, though they accounted for nearly 90 percent of the dollar volume.
The Quadrangle Shoppes in Orlando, Fla., secured a 2-year, interest-only construction loan of $2.2 million. An unnamed national banker funded the loan at a rate of 30-day LIBOR plus 210 basis points. BB&T Bank and FedEx-Kinko’s will be major tenants of the 11,414 square-foot retail center, Coral Gables, Fla.-based Thomas reported.A $3.2 million loan was collateralized by a 16,000-square-foot luxury apartment and retail complex in an upscale community in Somerset County, N.J. The first mortgage has a 30-year term, Minnesota-based NorthMarq Capital Inc. announced.
In Culver City, Calif., two multifamily buildings containing a total 60 units secured a $9.6 million refinance loan and enabled the borrower to cash out $1.5 million after owning the property for only six months, Meridian Capital Group announced.
Commercial activity was topped by a $21.4 million refinance loan for 10 multifamily properties located in West Hollywood and Los Angeles. Meridian, based in New York, said the portfolio of properties hold a total 203 units and secured rates as low as 5.6 percent for terms ranging between five and 10 years.
back to current headlines