Multifamily Deals Dominate Activity

Over in Bennington, Vt., a 30,000-square-foot industrial building secured a $650,000 first mortgage, New York-based Largo Real Estate Advisors Inc. announced. The 5-year fixed-rate loan for the building, currently fully occupied by Timberline Panel Co., has a 25-year amortization schedule. StanCorp Mortgage Investors funded a $1.7 million loan for the 11,000-square-foot Parkwood Medical Office Building in Kendall, Fla., Thomas D. Wood and Co. announced. The 20-year loan has a 6.75 percent fixed rate, 20-year amortization, and a loan-to-value of 72 percent.

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.