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Apartment Refis, etc.

Apartment Refis, etc.

Recent commercial mortgage transactions

January 9, 2003

By CHRISTY ROBINSON

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The Westport, Conn., office of Holliday Fenoglio Fowler announced it arranged a $3.5 million refinancing loan for 20-38 Pershing Drive, a two-building, 22,623 square-foot retail center located in Ansonia, Conn. The 20-year, fixed-rate financing was arranged on behalf of Connecticut Commercial Investors, LLC, through IDS Life Insurance Company. The retail center is situated on a two-acre parcel of land and is anchored by CVS/Pharmacy and Burger King.

The Dallas office of Holliday Fenoglio Fowler announced it arranged a $7.23 million refinancing loan for Kingsley Apartments, an 103-unit multifamily property located in Los Angeles. The 10-year, fixed-rate financing was arranged on behalf of FSC Kingsley Associates/FSC Realty through Archon Financial, a conduit lender. Kingsley Apartments is located in Wilshire Center, Los Angeles. The property, which was originally built in 1985 and recently renovated, is currently 98% leased.

Southern California-based Venture West Funding, Inc. announced it arranged a $14.65 million loan for a Lowe’s Home Improvement Center in Anaheim, Calif. The borrower is Anaheim Gateway Anchor Parcel, LLC, which is owned and operated by Robertson Properties Group. The financing was a 20-year, fully amortizing fixed rate loan with a “low interest rate and extremely high leverage,” Venture said. The security for the loan consists of a leased fee interest in the Lowe’s Home Improvement Center. The 135,192-sq. ft. building sits on a 12.6-acre site with a long-term ground lease. The freestanding Lowe’s building is part of the Anaheim Gateway Center shopping area is one of the anchor tenants of the center.

The Chicago office of Holliday Fenoglio Fowler announced it arranged a $16 million refinancing for Edgewood Apartments, a 354-unit multifamily building in Lansing, Ill. The 10-year, sub-6% fixed-rate securitized financing was arranged on behalf of Waterton Edgewood Investors, LLC through Lend Lease Mortgage Capital, L.P. Edgewood Apartments sits on 20.7 acres, was originally built in 1970, and is currently 98% leased.

The Boca Raton office of Holliday Fenoglio Fowler announced it arranged an almost $1.4 million refinancing for two apartment complexes totaling 50 units located in Hialeah, Fla. The 10-year, fixed-rate financing was arranged on behalf of Hialeah 1420 Apartments, Ltd. and Aloma Apartments, Ltd. through Citibank. The property comprises two separate 6,452-sq. ft. buildings with 10 units each, and a 14,523-sq. ft. building with 30 units. Built in 1970, the multifamily buildings are about one mile east of the Palmetto Expressway and are 100% leased.


Christy Robinson is the editor of MortgageDaily.com. She received a bachelor’s degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at: ChristyRobinson@MortgageDaily.com

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