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The River

The RiverSome recent commercial mortgage transactions

November 22, 2002

By SAM GARCIA

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Tremont Realty Capital announced that it acted as a mortgage advisor for $55.2 million in bridge financing for the acquisition of an industrial portfolio in Texas, New Mexico, and Florida. The financing on the 1.6 million square foot portfolio included a $6.8 million mezzanine loan and a $48.4 million senior loan.A 269-room Residence Inn located in Philadelphia, Pa. received $32 million in floating-rate interim financing from GMAC Commercial Mortgage Corporation. The property, which is owned by Granite Penn Square LLC, was originally constructed in 1920 and known as the One East Penn Square Building.

GMAC said it provided interim financing for The Marriott Hotel in Lake Mary, Fla., a 10-story, 304-room hotel with an outdoor swimming pool, a fitness center, and a business center. The $25.2 million forward commitment was provided on behalf of Heathrow Hotel Owners, LLC to take out construction lender Compass Bank. Fidelity Real Estate Growth Fund, LP provided $7.5 million in subordinate mezzanine financing.

The River, a recently completed 240,000 square-foot entertainment shopping center in Rancho Mirage, California, will secure financing arranged by Sonnenblick-Eichner Company. The $41 million loan is a fixed rate first mortgage, and the property has a 5-acre, 1.7 million gallon river meandering through it.

Holliday Fenoglio Fowler, L.P. said it arranged $25 million in acquisition financing for Chase Knolls Apartments, a 260-unit, multifamily community in Sherman Oaks, Calif. The 3-year, adjustable rate financing has a floor of 7% and floats at LIBOR +350 basis points. Fremont Investment and Loan, a bank/thrift lender will fund the loan arranged on behalf of Knolls Associates, LLC.

The Martin-Brower Distribution Building, a 157,300 square-foot, single-story industrial building located in Stockton, California, received $9.8 million in financing arranged by Holliday. The 30/10, 7.05% fixed rate mortgage was arranged on behalf of Loan Oak Realty, LLC through J.P. Morgan Mortgage Capital, a conduit lender.

Holliday reported that it arranged a revolving $5.1 million construction loan to finance the land acquisition and improvements for Skymark Homes II, 14 luxury single-family homes in Englewood Cliffs, N.J. Columbia Bank, headquartered in Fair Lawn, N.J. provided the financing, which was arranged for the Lancaster Group.

Advantage Capital Funding announced that it arranged a $7.8 million bridge loan on a residential land development and golf course in Laredo, Texas. The loan, which was priced at 14% interest-only for 3 years, was used to refinance a matured balloon and provide working capital to the developer.

A $4 million development loan was closed for Little Creek, a residential development created for Orlando-area service workers by homebuilder Whitemark Homes, Inc.


Sam Garcia has been in mortgage lending since 1980, and is publisher of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

email: SamGarcia@MortgageDaily.com

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