|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.
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.”
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