Mortgage Daily

Published On: March 19, 2003
$650 Million Golf Course FinancingRecent commercial mortgage transactions

March 19, 2003


click here to read prior article about commercial transactions

click here to submit your commercial mortgage transaction for publication

Pinellas FlexxSpace, a portfolio of 8 class B+ office and service properties that include 25 buildings in Tampa, Florida, secures a two-year adjustable rate loan to AP-Adler Investment Fund, LP. The Bank of America financing was arranged through Holliday Fenoglio Fowler, L.P.

A $1.8 million loan secured by 1708-1714 Chestnut Street, a Philadelphia retail property, was arranged by Spence Hill Associates. The 10-year, fixed rate mortgage was placed with Washington Mutual Bank, FA. The borrower in the transaction is Richard I. Rubin & Company.

Big Tex Mobile Home Village, a Dallas area manufactured home community, secured a $3.9 million acquisition loan. The 30/10 year loan has a 5.89% fixed rate, a 79% loan-to-value, and a 1.47 times debt service coverage ratio. The loan was funded through a partnership between Collateral Mortgage Capital, LLC and LaSalle Bank.

Fidelity Research & Management Company financed $4.68 million in mezzanine debt for the Minorca, a mixed-use development in Miami scheduled for completion in 2004. The financing was arranged by Holliday.

Two CVS retail centers in Tuscaloosa, Alabama secure a $4.9 million loan from Collateral Mortgage. The 10-year loan has a 30-year amortization, a 6% rate, and a 78.9% loan-to-value.

SWH Funding Corp. reported providing a $6 million loan secured by four shopping malls in Pennsylvania and New Jersey. Cedar Income Fund Partnership received the acquisition bridge loan with help from Newbridge Realty Capital, LLC.

Holliday arranged a $6.5 million refinancing for Preston Oil, L.P., according to an announcement. Brandon Centre South, a grocery-anchored retail plaza in Florida, secures the 10-year, fixed-rate financing provided by Wells Fargo Commercial Mortgage Originations.

An undisclosed life insurance company provided $11.9 million in financing for an approximately 24-acre site located in New Jersey. The 20-year fixed rate financing was arranged by Holliday.

2002 Legacy Partners Ltd. received $12.6 million in construction/permanent financing from Principal Capital Management, a life company lender. The 5-year, 6.14% fixed rate loan secured by the second phase of a Dallas-area apartment complex was arranged by Holliday.

The Renaissance Pere Marquette hotel in New Orleans secures a $27 million loan originated by Prudential Mortgage Capital Company. The 10-year loan to Pere Marquette Hotel Partners was arranged by HVS International.

Prudential said it originated a $39 million loan to fund the acquisition of the Invesco Funds Corporate Campus in Denver. The 10-year loan was arranged on behalf of Challenger International Group from USAA Real Estate Company and structured with a three-year interest-only period followed by a 30-year amortization schedule.

Deka Bank financed a $50 million mortgage secured by 655 Fifth Avenue, an office building located in New York City. The 7-year adjustable rate loan was arranged by Holliday.

Mortgage financings totaling $51 million were successfully completed by Wesco, a distributor of electrical construction products and other supplies. The Pittsburgh-based company used 75 properties located throughout the U.S. as security. The 6.50% fixed rate financings have 10-year terms with 22-year amortizations. Proceeds were used to reduce a credit line and the accounts receivable securitization facilities.

A $245 million construction/permanent loan for the redevelopment of Charles River Plaza in Boston, a medical and retail space, was financed by three lenders including CIGNA Investments, Teachers Insurance and Annuity Association of America, and the New York State Teachers Retirement System. The 10-year fixed rate loan was arranged on behalf of The Davis Companies by Holliday.

GMAC Commercial Mortgage Corporation — which is on the block — said it financed the acquisition of 253 American, British, and Japanese golf courses. The $650 million floating-rate financing was provided to an investor group comprised of GS Capital Partners 2000, Goldman Sachs Whitehall Street Real Estate Fund 2001, and Starwood Capital Group.

Sam Garcia has been in mortgage lending since 1980, and is publisher of He also owns and operates, a real estate portal site.

email: [email protected]

Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator


Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates


Today’s rates starting at


5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at


$200,000 LOAN

Home Equity

Today’s rates starting at


$200,000 LOAN


Today’s rates starting at


$200,000 LOAN