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Way Down YonderRecent commercial mortgage transactions

October 21, 2003

By COCO SALAZAR

Bridger Commercial Funding provided a $1.8 million refinance loan to the owner of The Harrison. The 67-unit garden apartment complex in Wichita Falls, Texas, secures the 25/10 nonrecourse loan which has a fixed 4.90% interest rate, an 80% loan-to-value (LTV) and was arranged by Bank of Texas.

Holliday Fenoglio Fowler, L.P. announced it arranged a three-year adjustable-rate $7 million loan secured by a grocery-anchored retail center in California. GMAC Commercial Mortgage funded the loan borrowed by Geri Towne Mall LLC.

Bear Stearns Commercial Mortgage funded two loans totaling $10.45 million arranged by Holliday. A community strip center in Massachusetts secures a $5.25 million loan. A shopping center in Maine secures a $5.2 million loan. Redstone Investments received both 13-year fixed-rate loans.

A historic apartment complex secured a $9.9 million loan funded by PW Funding Inc. PW reported the 192-unit is located in the Warehouse and Arts District in New Orleans. The loan is divided into approximately $9 million of variable tax-exempt bonds and a 30/10 fixed-rate $0.9 million permanent loan, with a 5.44% interest rate, a 1.50 times (x) debt service coverage ratio (DSCR), and a 77% LTV.

Capital Development Group and affiliates received $19.5 million in equity and debt financing. Two affordable housing apartment complex developments in Georgia secured approximately $12.7 million in equity financing from Red Capital Company and $6.7 million — split into $5 million and $1.7 million — in debt financing from PW. A 153-unit building secures the $5 million permanent mortgage with a fixed 7.12% interest rate, 1.15x DSCR, and an 87% LTV. The permanent $1.7 million mortgage of a 72-unit building carries, fixed interest rate of 6.30%, a 1.23x DSCR, and 90% LTV.

Tremont Realty Capital announced it arranged a $20 million refinance loan funded by a national life company. A Home Depot store located in Denver secured the 10-year nonrecourse loan with roughly a 100% LTV and a fixed 4.28% interest rate. REIT locked their interest rate at application for sixty days at no cost. Terminate negotiated a spread of 90 basis points over the 10-year treasury along with no loan or legal fees to the borrower.

QS Marketplace Limited Partnership, the owner of Quail Springs Marketplace, received two loans totaling $32 million financed by Prudential Mortgage Capital Inc. The Oklahoma shopping center secured a 30/10, $29 million fixed-rate loan with a 5.81% interest rate and a 10-year mezzanine loan of $3 million.

Four company hotels secured a $101 million commercial mortgage-backed securities (CMBS) loan funded by Column Financial Inc. MeriStar Hospitality Corp. acquired the 10-year, 6.88% interest rate loan for the hotels located in Kentucky, Virginia, Maryland and Pennsylvania.

Health Care Property Investors Inc. announced an acquisition of 113 medical office buildings from MedCap Properties, LLC for $575 million. GE Commercial Mortgage is the lender, according to a webcast conference call. The acquisition includes an initial $460 million purchase of 100 buildings assumed to carry a $26 million mortgage debt, with a 7% interest rate. Future financing includes completion of five buildings with costs of $67 million, and a $49 million investment value of eight buildings.


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

email: s3celeste@aol.com

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