Mortgage Daily Logo
mortgage news from industry experts

HUD Announces $153 Million FHA Loan Sale

HUD Announces $153 Million FHA Loan SaleRecent commercial mortgage transactions

November 11, 2003

By COCO SALAZAR

click here to read prior article about commercial transactions

click here to submit your commercial mortgage transaction for publication

A 73-unit apartment complex in Chicago secured a $3 million loan funded by PW Funding Inc. The loan has a 4.85% interest rate, a 1.69 times (x) debt service coverage ratio (DSCR) and a 48% loan-to-value (LTV).

Hudson Realty Capital LLC announced it funded a $4 million secondary mortgage loan for the developers of a new condominium complex in Brooklyn, N.Y. The nine, eight-story buildings secure the 11% interest-rate loan, which has an amortization of interest only for one year and an LTV of 70%, said a company spokeswoman in a phone interview.

Pilchers Olsen Village L.P. secured a $4.05 million refinancing loan originated by Prudential Mortgage Capital CompanyL. J. Melody arranged the 27.5/10 loan structured with a 6.21% interest rate loan for a 48,391 square-foot retail space in South Carolina.

Prudential originated a $4.8 million loan secured by Westdale Carriage Square Ltd. for a retail complex in Denton, Texas. The 25/10 loan has a 6.47% interest rate and was arranged by Quantum First Capital.

PW funded a $5.3 million loan secured by a 247-unit garden apartment complex. The 5.86% interest rate loan for the Salt Lake City, Utah-based property has a 1.50x DSCR and a 57% LTV.

Two Wal-Marts in Wisconsin secured two refinance loans totaling $7.35 million arranged by Tremont Realty Capital. One center located in Rhinelander secured a $3.40 million loan with an interest rate of 4.58%, while an Appleton-based center secured a $3.95 million loan with a 4.63% interest rate. Both are self-amortizing, 10-year, nonrecourse loans funded by a major institutional lender.

PW provided mortgage financing totaling $11.2 million for a 296-unit apartment complex in Louisiana. The loan was comprised of $7 million in tax-exempt, variable-rate refunding bonds and a 30/10 loan of $4.2 million of new money, variable-rate taxable bonds. The combined loans have a 1.30x DSCR and a 78% LTV.

The Shopping Center Group LLC announced it completed the sale of four shopping centers in the Atlanta, Ga., metro area totaling $31.2 million. A real estate investment trust acquired a 95,597 square-foot Kroger anchored center for $12.1 million; a private investor acquired a 50,000 square-foot center and 3 acres of land for $6.2 Million; a 60,823 square-foot property was sold to a private investment group for $9.7 million; and a 32,295 square-foot shopping center sold for $3.2 million to a tax exchange investor.

Glimcher Realty Trust announced it closed a $114 million permanent mortgage for the Mall at Fairfield Commons. The Dayton, Ohio-based property secures the 30/11 loan, which carries a 5.45% fixed-rate.

The U.S. Department of Housing and Urban Development (HUD) announced it awarded 39 loans with an unpaid principal balance of $153 million. PAMI MidAtlantic LLC and Capital Crossing Bank received the mortgage loans secured by multifamily apartment properties, assisted living and nursing home facilities insured by the Federal Housing Administration (FHA). The sale of the mortgages was part of the HUD Accelerated Claims Disposition initiative designed to produce savings — $28 million in this transaction — to the department by accelerating the claims process on FHA-insured defaulted loans.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

email: s3celeste@aol.com

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

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,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION