Prudent Transactions

The same office also announced it arranged a $28 million refinancing for the Firestone Upper West Side Apartments, a 350-unit, garden-style apartment community located in Fort Worth, Texas. The 10-year, fixed-rate financing was arranged on behalf of Phoenix Property Company through Teachers Insurance & Annuity Association, a correspondent life company. Firestone was constructed in 1998-1999 and contains 327,714 sq. ft. in 11 buildings, with a view of downtown Fort Worth. The property is currently 94% leased.

The New York office of Holliday Fenoglio Fowler announced it arranged a $23.4 million construction loan for Utopia Center, a two-level, 113,143 sq.-ft. retail and office complex being developed in Fresh Meadows, Queens, N.Y. The construction loan is a two-year loan, and it refinanced an existing $8 million bridge loan arranged by Holliday Fenoglio Fowler in June. Both loans were arranged on behalf of Utopia Properties I LLC through GMAC Commercial Mortgage, a conduit lender. Utopia Properties will be anchored by Barnes & Noble, Citibank, and Thriftway Drugs. St. John’s University anchors the office component.

GMAC Commercial Mortgage Corporation announced it provided $32.5 million in floating-rate interim acquisition financing for a Barceloneta, Puerto Rico, retail center. The Prime Outlets of Puerto Rico is located 35 miles west of San Juan and is comprised of a 176,327 sq.-ft. outlet center and an 83,000 sq.-ft. out-parcel. The outlet center is leased to approximately 50 tenants, including Gap, Tommy Hilfiger, Polo Ralph Lauren, Liz Claiborne, Brooks Brothers, Timberland, Levi’s, and Reebok. The out-parcel has five tenants: Ponderosa Restaurant, Banco Popular Bank, Fast Lane Lube and Wash, Caribbean Cinemas, and Farmacias El Amal.

Prudential Mortgage Capital Company announced it provided a $19 million refinancing loan to Tech Park Partners LLC. The 10-year loan has a 5.77% interest rate and is interest-only for 12 months, followed by 29-year amortization. Axiom Capital in Albany, N.Y., arranged the loan. Prudential is the commercial mortgage lending business of Prudential Financial, Inc., and the loan was originated for Prudential’s conduit. The loan is secured by the Mansions of Technology Park, a garden apartment complex in Rensselear, N.Y. The complex, built in 2002, has 250 units and is 99% occupied.

Prudential announced it also provided a $4.8 million refinancing loan for the Oakwood Apartments, a 133-unit garden apartment complex in Upper Darby, Pa. The 10-year loan has an interest rate of 6.01% and amortizes over 30 years. iCap/Devon Realty Captial in Philadelphia arranged the loan. The complex was built in 1963 and is 97% occupied.

Prudential announced it provided a $4.4 million acquisition loan secured by the 68,400 sq.-ft. University Heights Business Park in San Antonio, Texas. The five-year loan has an interest rate of of 5.25% and amortizes over 30 years. Commerical Realty Capital in Las Vegas arranged the loan. The property was built in 2000 and is 96% occupied, with the U.S. Geological Survey taking about 30% of the space.

Prudential announced provided a $3.9 million refinancings loan secured by the Island Breeze Apartments in Gardena, Calif. The 10-year loan has an interest rate of 5.62% and amortizes over 30 years. Prudential’s Los Angeles office originated the loan.