$650 Million Golf Course Financing

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.