Mortgage Daily

Published On: April 8, 2003
From California to the New York IslandRecent commercial mortgage transactions

April 8, 2003


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Meredith & Grew, Incorporated announced that it secured a $2.8 million loan for a Babies R’ Us store in Massachusetts. CIBC World Markets provided the first mortgage.

A $6.3 million Fannie Mae DUS MBS loan was used to finance the acquisition of Meridian Ridge Apartments, a 177-unit multifamily property located approximately 20 miles south of Seattle. Red Mortgage Capital, Inc. said it provided the 30/10 5.27% loan.

Financing for a $16 million golf course development will be arranged by American Coast Mortgage in Redwood City, California. The first of three development phases will be a 200-acre golf course, followed by a 299-room “Real Log” hotel/vacation ownership resort, and finishing with the sale of 40 estate homes. The approximately $7 million deal may utilize a combination of a first and second deed of trust and seller financing.

Financing for 2 Massachusetts cold storage properties was arranged by Tremont Realty Capital. The $7.9 million, 10-year loan was funded through a local bank and included an option to convert to a fixed SWAP rate. The mortgage had an 85% loan-to-value and a 10-year floating rate at LIBOR +2.25%.

The Dover Residences, a mixed residential/commercial project in Boston, was the collateral on an $8.1 million acquisition/bridge loan arranged by Meredith. The mortgage was funded by an affiliate of a major life insurance company.

Salomon Smith Barney provided $8.5 Million in permanent financing for 131 Tremont Street, an 8-story multi-use building in Boston. The loan was arranged by Meredith.

Red Mortgage reported it provided a $10.7 million Fannie Mae DUS loan on Monte Vista Gardens Apartments, a 144-unit affordable housing property in San Jose, California. The mortgage has an 18 year term and a 30 year amortization.

The Desert View Apartments, a 412-unit complex in Scottsdale, Ariz., was financed by Freddie Mac. The $27 million fixed rate loan was used by Pillar at Desert View LLC to purchase the property and arranged by GMAC Commercial Mortgage Corporation.

Conduit lender Wachovia Securities financed a $27 million loan secured by the Irongate Apartments, a recently completed garden-style complex in the Sacramento, California area. The refinance loan, structured as an A/B transaction, was arranged by Holliday Fenoglio Fowler, L.P.

Prudential Huntoon Paige originated a $31.7 million loan to finance the acquisition and rehabilitation of Pinewood Apartments, an affordable housing apartment complex in Las Vegas. The 33-year FHA insured Section 223(f) mortgage provided credit enhancement for tax-exempt private activity bonds, and has a rate of 5.47%.

Aegis Assisted Living received $45 million in financing for three senior housing properties from GE Healthcare Financial Services. Two first mortgages for $28 million and $17 million were involved.

The Olympia House, a 240-unit luxury high-rise in New York City, was refinanced for $45 million. The 10-year, 5.5% fixed rate loan was arranged by Holliday through a pension fund client of Lend Lease Real Estate Investments, Inc.

Teachers Insurance and Annuity Association of America financed a $48.5 million first mortgage for Bedford Property Investors, Inc. The 10-year loan is collateralized by 5 California properties and has a 5.6% fixed rate. A portion of the proceeds was used to pay off an $18 million, 7.02% loan with The Prudential Insurance Company of America.

North Shore Apartments, an 1,800-unit complex in Floral Park, New York, was financed by The John Hancock Real Estate Investment Group, according to the Boston Business Journal. The $75 million loan was arranged on behalf of the property owner, North Shore Towers Apartments Inc.

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]

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