|A midwest bank funded a $1.52 million loan for the acquisition of Cottonwood Heights Manufactured Housing Community. The 69-unit Arizona property secures the 30/5, nonrecourse loan which has an interest rate in the low 5% range and an 80% loan to value (LTV). Tremont Realty Capital said it arranged the loan.
A 94-unit mid-rise apartment complex in New Orleans secured a $5.3 million loan funded by PW Funding Inc. The 10-year loan carries a 5.6% interest rate, fixed-to-float prepayment option, and has a debt service coverage ratio (DSCR) of 1.63 times (x) and an LTV of 76%.
Red Mortgage Capital Inc. said it recently arranged and funded a nonrecourse, 40-year, fully amortizing loan of $9.4 million secured against a newly constructed assisted living facility in Long Beach, Calif.
Two apartment complexes in Las Vegas secured two loans totaling $13.6 million originated by Prudential Huntoon Paige. Community Gardens Apartments LP received a 30/30 loan of $7.4 million with a 5.57% interest rate for a 180-unit property. Cedar Village Apartments LP received a 35/35 loan of $6.4 million carrying an interest rate of 5.59% for a 154-unit complex.
Bridger Commercial Funding said it funded a $14.7 million loan. An Irvine, Calif.-based industrial property secured the 10/30 loan, which carries a 6.10% all-in rate and was underwritten to a 1.25x DSCR and a 75% LTV.
Post Properties Inc. recently announced the closing of a $17 million loan on of its upper class apartment property Post Biltmore located in Atlanta, Georgia. The 5-year loan bears an interest rate of 4.04% per annum.
A 15-story multi-tenant office building located in Tacoma, Wash. secured a $19 million refinance loan. Bridger said it funded the 10/30 loan at a fixed-rate of 5.98%, which has a 1.30x DSCR and a 77% LTV.
Tremont said it arranged financing totaling $20.7 million received by Nodel and Associates for the acquisition of five manufactured housing communities in New Mexico. A national conduit lender funded the 10-year, nonrecourse financing, bearing a midrange 5% interest rate, an initial period of interest only for two years, and 80% loan to cost.
Picerne Development Corp. received $30 million in debt and equity financing for three multifamily properties in Texas totaling 600-units. CharterMac provided $12.2 million in debt financing for a complex in Houston, while Related Capital provided $6.4 million in equity tax credits. PW funded the remaining $11.4 million with a 6.095% interest rate loan secured by two properties in the Dallas/Ft.Worth area.
Red Bank arranged a $140 million refinance loan for a portfolio of 17 medical office buildings in Florida, California, Texas and New Jersey funded by GMAC Commercial Mortgage Corp. GMAC said it funded the acquisition of the buildings three years ago and was able to move a substantial portion of the loan amount to long-term, fixed-rate financing.
Freddie Mac recently announced it agreed to purchase a portfolio of multifamily mortgages valued at approximately $5 billion from Citibank in exchange for Purchase Certificates. Freddie said the purchase, consisting mainly of 5- to 50-unit mortgages, will significantly help reach affordable housing goals set by HUD and would therefore provide Citibank with about $65 million as a contractual incentive.
Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.