Mortgage Daily

Published On: June 6, 2007
Commercial Mortgage Deals Flourish

Recent spate of transaction dominated by Meridian

June 6, 2007


photo of Coco Salazar
Commercial mortgage transactions during the most recent week were dominated by deals for multifamily and East Coast properties. A movie theatre, a mobile home park and shopping centers also secured financing.

Meridian Capital Group arranged a $1.2 million loan for The Atrium, a 26,915 square foot shopping center in Fort Lauderdale, Fla. The borrower, Audett Carby, agreed to a rate of 6.625% over a five-year term, according to an announcement.

Further north, in Duluth, Ga., a retail strip center secured a $6.24 million loan. Meridian said it negotiated the financing for the 24,500 square-foot property for a rate of 5.9% over 10 years.

A 100-unit mobile home park in Raleigh, N.C., secured a $2.08 million loan arranged by the mortgage broker on behalf of Jeff Peterson, who is to repay the amount at a rate of 6.5% over a five-year term, a press release stated.Massachusetts holds two of the six shopping centers sold to Cedar by WP Realty of Bryn Mawr, one consisting of 138,000 square feet, with Big Lots as a tenant, and the other 168,000 square feet big. Connecticut holds a 118,000 square-foot property anchored by T.J. Maxx, Pennsylvania a 92,000 square-foot center leased to K-Mart, Maryland a 159,000 square-foot center and New York a 195,000 square-foot property, according to the announcement.

photo of North Carolina propert
photo of New Jersey property Meridian, based in New York City, also arranged a $2.5 million loan on a 48-unit multifamily property in Paterson, N.J. The financing has a rate of 5.9% and is structured to have no prepayment penalty for the last three years of the 30-year term, Meridian said.

In New York, Meridian arranged a $26 million loan, with a rate of 5.395% over a five year interest-only term, for two adjacent prewar multifamily buildings, according to a press release. The 16-story properties on Park Avenue contain 99 residential units and three professional units for a net rentable area of 90,085 square feet.

New York-based Cedar Shopping Centers Inc. will pay $117 million for six shopping center properties in five states measuring an aggregate 870,000 square feet. About $32 million of the aggregate purchase price will be funded by Cedar’s revolving credit facility and the rest will be paid for by assumption of existing property-specific first mortgage loans of $86 million, with a weighted-average interest rate of less than 6%.Meridian also announced it secured a $1.39 million refinance loan for a multifamily property in Merrillville, Ind. The two-year loan for the 32-unit, colonial style property at rate of 5.62% included a cashout component.

A multifamily property in Indianapolis, Ind., secured an $8 million loan to be repaid over 10 years at a rate of 6.01%, Meridian said, adding that the two-story property holds 208 units.

In Chicago, Ill, a mixed-use property containing 20 apartment units and 12,500 square feet of retail space secured a $4.2 million loan brokered by Meridian. The property holding the 5-year mortgage, with a rate of 5.9%, was converted four years ago from an industrial property and the units were built with condo-like finishes, according to an announcement.

An 87-unit multifamily property in Chicago Ridge, Ill., secured a $5.412 million loan negotiated by Meridian on behalf of SKS & Associates. Sovereign Bank provided the financing for a rate of 5.4% over a seven-year term, a press release indicated.

Meridian reportedly arranged a $4.65 million loan for Cinemark in Arlington, Texas. The 10-year, 6% loan, for the 46,907 square-foot, free-standing movie theater is housed in a shopping center.

First quarter commercial mortgage originations across the country fell 15 percent from the prior quarter, the Mortgage Bankers Association reported today. However, production was 37 percent higher than a year earlier.

“Increases in total commercial/multifamily mortgage originations were led by increases in commercial mortgage-backed securities conduit loans and loans financing office properties,” MBA Senior Director of Commercial/Multifamily Research Jamie Woodwell said in the announcement. “The strong first quarter included heavy volume driven by real estate investment trusts privatizations and continues a trend of first quarter-over-first quarter increases going back to the beginning of MBA’s survey which was first released in 2001.”

next story

back to current headlines

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