|Holliday Fenoglio Fowler arranged $13.2 million in construction financing for a 39-unit condominium project under way in the Brentwood section of Los Angeles. The 15-month adjustable rate loan on The Gardens at Darlington has provisions for extensions totaling an additional 15 months. The financing was provided by Builders Bank on behalf of New Zealand-based Pacific Northstar Property Group.Holliday also arranged a $10 million loan to refinance the Torrington Fair Mall in Connecticut. The fixed rate financing was arranged through Greenwich Capital on behalf of Devcon Enterprises, Inc. Tenants of the 200,248 square foot property include PETCO, Price Chopper, Wal-Mart (ground lease), McDonald’s and Sears Hardware.
Financing of $9.8 million was arranged by Holliday for Windrose Housing, L.P. through JP Morgan Mortgage Capital. The 288-unit Windrose Apartments in Kansas City, Missouri, were built in 1985 and have consistently maintained high occupancy levels, according to Holliday. The fixed rate loan has a ten-year term.
PW Funding Inc. provided $5,200,000 in mortgage financing for two apartment complexes in Utah. Villa Franche Apartments, a 109 unit garden apartment complex in Salt Lake City, was refinanced for $3 million at 7.375%. The debt service coverage ratio (DSCR) on the property is 1.40 times (x), the loan-to-value (LTV) is 72 percent and there is a $1.3 second mortgage. The second complex, Milestone Apartments, is a 121 unit garden apartment complex located in Ogden. The building on that property was built in 1920, and underwent a complete renovation in 1994-1995. The $2.2 million loan has a 7.29% rate. The DSCR is 1.38x and the LTV is 69 percent.
PW also funded 7.15% loans on three multifamily garden apartment complexes in Northern California. The first loan for nearly $2.7 million is secured by Jackson Hills Apartments in Jackson, an 86 unit property built in 1982. The DSCR is 1.59x and the LTV is 65% on that property. The second loan, in the amount of $2.3 million, is secured by Casa De Angelo Apartments, in Sacramento, is a 100 unit complex. The DSCR for the property is 1.66x, and the LTV is 65%. The third loan, in the amount of $2.74 million, is secured by the Broadway Seniors Center Apartments, in Sacramento, a 120 unit complex constructed in 1979-1980. The DSCR on that property is 1.38x and the LTV is 65%.
An $18.5 million revolving line of credit was provided by GMAC Commercial Mortgage Corporation (GMAC) to Kramont Realty Trust, a neighborhood and community shopping center real estate investment trust. The line, which expires on August 31, 2003, will be used for acquisitions, capital expenditures, and general corporate purposes. The Loan Agreement calls for an interest rate of the greater of 7%, or one month London Interbank Offering Rate (LIBOR) plus 375 basis points. Kramont has an interest rate cap agreement to hedge against future excessive rate increases.
GMAC arranged for the refinancing of a multifamily portfolio of 8 apartment communities located throughout four states on behalf of United Dominion Realty Trust, Inc. The floating rate deal includes a fixed rate conversion option, and a term of five years with the option to extend an additional four years. The transaction was arranged through the Freddie Mac Revolving Credit Facility.
Red Mortgage Capital, Inc. refinanced the Parklane Apartments in Columbia, South Carolina, on behalf of ALCO Properties, Inc. According to an announcement from ALCO, a HUD-insured mortgage was refinanced with a 7.27%, 10-year loan. Simultaneous with the refinancing, ALCO restructured the properties units to 100% conventional apartments. Previously, 20% of the Parklane apartments were covered by contracts for government assistance under Section 8. ALCO’s CEO said the move will reduce the debt service and eliminate a significant amount of record keeping required by the government contracts.
Jack Binion completed a financing agreement with casino operator Phoenix Leisure Corporation. An announcement from Phoenix said that a $2 million advance by Mr. Binion will be converted to a term loan due March 29, 2003, and may be extended for an additional year. The 12% loan is secured by a deed of trust against Phoenix’s Colorado land holdings and a first preferred ship mortgage held on the Company’s gaming vessel in Mississippi. Certain terms of the loan are subject to the approval of gaming regulatory authorities.
Tremont Realty Capital arranged an $8.5 million refinance loan for a 350,000 square foot warehouse leased to Kohls in Corsicana, Texas. The 19.5-year loan was funded by a Midwestern Life company.
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