Mortgage Daily Logo
mortgage news from industry experts

Hotels, Offices and Apartments

Hotels, Offices and Apartments

Recent commercial mortgage transactions

February 18, 2003


click here to read prior article about commercial transactions

click here to submit your commercial mortgage transaction for publication

Prudential Mortgage Capital Company announced it provided a $16.3 million loan to refinance a Florida medical office building. The loan was originated for Prudential’s conduit. The 10-year loan is secured by Pal-Med Medical Office, a 164,737 square-foot office complex adjacent to the Palmetto General Hospital in Hialeah, Fla. The complex is 95% occupied. Prudential is the commercial mortgage lending business of Prudential Financial, Inc.

The Dallas office of Holliday Fenoglio Fowler, L.P., announced it arranged a $9 million refinancing loan for Stacy’s Home Furnishing Center, a 218,529 square-foot, multi-tenant home furnishing and design center located in Grapevine, Texas. The 15-year, fixed-rate financing was arranged on behalf of Stacy Family Enterprises through Safeco Life Insurance Company. James R. Stacy is the mayor of Southlake, Texas, and owns and operates Stacy Furniture. Stacy Furniture occupies 175,320 square feet of the center. The three-level, multi-tenant retail showroom and warehouse facility contains 218,529 square feet and is situated on nearly seven acres of land. The property is currently 100% leased by ten tenants including Carpet One, Stone Appliance, and Blinds ‘N More.

The Indianapolis office of Holliday announced it arranged a $2.3 million acquisition loan for The Brenwick Building, a three-story, 24,412 square-foot, mixed-use building located in Carmel, Ind. The seven-year, fixed-rate loan was arranged on behalf of an undisclosed borrower through American Equity Investment Life, a correspondent life insurance company. The Brenwick Building features an upscale 27,250 gross square feet of office and retail space situated on about a one-third acre of land. The building is the first commercial project within The Village of West Clay, a 700 plus-acre traditional neighborhood development in Carmel. The Brenwick Building is 100% leased.

The Dallas and New York offices of Holliday announced they teamed up to arrange a $27 million refinancing for 218 West 40th Street, a 151,231 square-foot office building located in New York’s Times Square South district. The three-year, adjustable rate refinancing for 218 West 40th Street Investors, LLC, was arranged on behalf of Tishman-Heskin Partners, through PB Capital Corporation, a bank lender. 218 West 40th Street is a 12-story, Class B building with 151,231 square feet of office space. Originally constructed in 1923 and substantially renovated over the past two years, the building is currently more than 95% leased. Major tenants include Katharine Gibbs Corporation and Donna Karan International. Located just south of Times Square, traffic around the building can exceed 344,000 subway riders and 185,000 commuters daily.

Prudential announced it originated a $42.6 million refinancing loan on behalf of Fannie Mae for Valentia Apartments LLC. The loan is secured by the Valentia Apartments in San Diego, Calif., a 318-unit, Class A, apartment complex. The borrower is an entity controlled by J.F. Shea Co., Inc. and Shea Properties. The ten-year loan amortizes over 30 years and has an interest rate of 5.28%. The loan structure included, among other things, a waiver of tax, insurance, and capital reserve escrows.

Prudential announced it provided a $70 million loan to Hedreen Hotel LLC to finance the Elliott Grand Hyatt Hotel in Seattle. The loan was originated for Prudential’s general account. The Elliott Grand Hyatt Hotel, a 29-story, 425-room luxury hotel, is adjacent to the Washington State Convention and Trade Center. The hotel is under a long-term management contract by The Hyatt Corporation.The Houston office of Holliday announced it arranged acquisition financing for The Mills, a 708-unit multifamily property in Houston. The five-year, fixed-rate financing was arranged on behalf of Bissonnet Mills, L.P through Column Financial, Inc.

Christy Robinson is the editor of She received a bachelor’s degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at:

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts