Mortgage Daily

Published On: June 12, 2003
Mostly Apartment Loans

Recent commercial mortgage transactions

June 12, 2003


click here to read prior article about commercial transactions

click here to submit your commercial mortgage transaction for publication

In Troy, Michigan, a $3.1 million refinancing loan was originated by Prudential Mortgage Capital Company on behalf of Fannie Mae, Prudential reported. The 10-year loan, which amortizes over 30 years, is secured by the Sunnymede Apartments II and III and carries a 5.17 percent interest rate, Prudential said.

Prudential reported originating an $8.97 million refinancing loan on behalf of Fannie for B&W Princeton. The 10-year loan is secured by the 168-unit Hallmark Village apartment complex in Lowell, Massachusetts, and carries an interest rate of 5.05 percent, Prudential said. The loan amortizes over 30 years, according to the company statement.

Teachers Insurance and Annuity Association, through Lend Lease Mortgage Capital L.P., provided a $9 million mortgage to Windrose Medical Properties Trust, Windrose reported. The two-story, Las Vegas, Nevada, medical office has a full net lease with Southwest Medical Associates, Inc., the statement said. Loan terms are a 5-percent fixed rate over 58 months, with a 30-year amortization, the statement said.

Fairfax Square Apartments, located in Fairfax, Virginia, secured a $23.5 million refinance loan from Prudential. Amortized over 30 years, the 10-year loan has a 5.5 percent interest rate, the company said, and was originated on behalf of Fannie Mae for the 502-unit property.

Essex Property Trust, Inc., reported obtaining a $54 million mortgage loan to help purchase Villa Venetia apartments. The Costa Mesa, California, complex was sold for about $74 million, the statement said. The loan has a fixed interest rate of 4.58 percent for nine years and a one-year floating/prepayment window, the statement said.

Prudential closed $70 million in commercial mortgage loans for The Lock Up Storage Centers, secured by 12 self-storage facilities, Prudential said. The loans were described by Prudential as “a $56 million seven-year fixed rate loan and a $14 million five-year floating rate loan, with both loans cross-collateralized and secured by the same asset pool.” The transaction, which also includes a rate step-down feature based on lease-up and stabilization factors, was initiated by Macquarie Capital Partners LLC, the statement said.

Anne Lineberry is‘s editor. She previously worked as an online editor/producer for and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at [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