|Fannie DUS is Program Du Jour
Recent commercial mortgage activity
August 29, 2003
By ANNE LINEBERRY
|Collateral Mortgage Capital, LLC, reported that it had arranged financing for a Manchester, Michigan, manufactured housing community. The 116-site property’s first mortgage financing of $1.76 million has a 10-year term and a 25-year amortization and carries a 4.87 percent interest rate, Collateral said. The Fannie Mae DUS loan is the second one on the property in the last six months.
Summit House Cooperative received a $2.45 million second mortgage from PW Funding, a subsidiary of Charter Municipal Mortgage Acceptance Company, for capital improvements, PW reported. The Guttenberg, New Jersey, 13-story building was built in 1963, PW said. The second mortgage was reported to be funded through Fannie Mae’s DUS program and carries a 6.23 percent interest rate. PW said that the cooperative has a prior loan in the amount of $7.75 million from PW.
GMAC Commercial Mortgage Corporation reported arranging a $2.5 million refinancing loan for a grocery store. The Lake Havasu City, Arizona store is one-story high with 53,574 square feet, GMAC said.
A $3.62 million fixed-rate acquisition mortgage for a retail drugstore was arranged by GMAC, the company said. The 14,490 square-foot Walgreen’s is located in Bothell, Washington.
Development financing in the amount of $3.85 million was arranged by Tremont Realty Capital for Crescent Avenue Self Storage, Tremont said. The 71,800 square foot, Pennsauken, New Jersey structure will be refurbished from a discount drugstore into 680 climate-controlled storage units. The three-year bridge loan has an 85 percent loan-to-value (LTV) ratio and carries a floating interest rate of prime plus 3.75 percent, according to Tremont. The loan is nonrecourse with standard carve-outs, the company said.
PW provided a $5.1 million second mortgage for a Fountain Valley, California, apartment complex. The senior living center was financed under Fannie Mae’s DUS program and carries a 6.45 percent interest rate, a 73 percent LTV ratio, and a debt service coverage ratio of 1.25 times, PW said. The borrower’s first loan is also reportedly with PW Funding, valued at $36.5 million.
GMAC arranged a fixed-rate $5.4 million loan for WestBridge Apartments, it said. The California townhouse complex has 48 units and was completed this year, GMAC reported.
Tremont said it arranged two refinance loans totaling $11.84 million for two manufactured housing projects. Chesapeake Estates, in Thomasville, Pennsylvania, received $6.4 million and Chesapeake Mobile Court in Hanover, Maryland, $5.44 million. Both loans carried 5.25 percent ten-year fixed rates, with about an 80 percent LTV ratio, Tremont said.
Meredith and Grew Inc. reported arranging $19.2 million in financing for a future Massachusetts residential facility. The St. Paul Residences, in Brookline, will have 49 units consisting of one- and two-bedroom flats and townhouses, Meredith and Grew said. The funding includes a $5.2 million mezzanine loan and a $14 million construction loan.
Anne Lineberry is MortgageDaily.com‘s editor. She previously worked as an online editor/producer for DallasNews.com and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at AnneLineberry@MortgageDaily.com
So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...