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Big Boston Borrowings

Big Boston BorrowingsRecent commercial mortgage transactions

September 18, 2002


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Apartment Investment and Management Company announced that it completed the purchase of 100% ownership of eleven conventional garden and mid-rise apartment properties located in the greater Boston area for $500 million. Funding for the acquisition includes $309 million of 20-year, fully amortizing mortgage debt at interest rates averaging 5.69% plus borrowing under American Investment’s credit facility.

American Housing Properties, of Portland, Maine bought 20 Colorado properties, with more than 95% of the acquisition costs funded by the Colorado Housing Financing Authority. The $58.5 million financing on the 1,407-unit,multifamily portfolio was announced by Tremont Realty Capital, Inc., who advised the buyer in the transaction.

Prudential Mortgage Capital Company announced that it originated a $38 million refinancing loan for a 219,041-square-foot Class A office property in Wilton, Connecticut. The 6.4% loan will be funded by Prudential’s conduit for the borrower, The Davis Companies. “We provided 75 percent loan-to-value on a condominium interest in the property, along with an early rate lock at commitment so The Davis Companies could take advantage of low interest rates,” said Scott Miller, who originated the loan.

Boerum Court Apartments, a planned 11-story Brooklyn, New York apartment complex, has received a $20.5 million construction loan arranged by GMAC Commercial Mortgage Corporation. GMAC said that the developer was able to obtain approximately 90% of total project costs based on the debt and equity structure provided by GMAC and its subsidiary.

Holliday Fenoglio Fowler said it arranged $14.6 million in financing for the acquisition of Forrester Apartments, a 458-unit multifamily community in Houston, Texas. The 10-year, fixed-rate financing was arranged on behalf of Forrester Apartments Operating Associates, L.P., through Lend Lease Mortgage Capital’s Fannie Mae DUS lending program.

The 5.91% loan to Moorestown Pleasant Valley Apartments, L.L.C. was funded through Freddie Mac. The debt service coverage ratio (DSCR) is 1.53 times (x), and the loan-to-value (LTV) is 78 percent.

PW said it provided $2.1 million in financing for Brockhaven Apartments, 73-unit apartment complex in Salt Lake City, Utah. The 5.94% commercial mortgage loan to Moorestown Pleasant Valley Apartments, L.L.C. was funded under Fannie Mae’s DUS program. The DSCR is 1.54x, and the LTV is 80 percent. The proceeds were used for improvements to the property.

Sam Garcia has been in mortgage lending since 1980, and is publisher of He also owns and operates, a real estate portal site.


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