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Industrialization of Mortgages

Industrialization of Mortgages

Recent commercial mortgage activity

October 1, 2007


photo of Coco Salazar
Mortgages on industrial, office and retail properties were arranged as a steady stream of multifamily deals moved through the pipeline.

A $26.5 million loan was secured by the Cheval Apartments, a 387-unit Class A multifamily property in Houston, in connection with the purchase of the property by an affiliate of Abacus Capital Group LLC. Freddie Mac approved the 6-year, fixed-rate loan.

photo of the Bucks Landing Apartments The Bucks Landing Apartments in Warminister, Penn., found a $37.8 million loan through New York-based brokerage Meridian Capital Group. The three-story multifamily building of 456 units secured a rate of 5.92 percent over a 10-year term, a news release stated.

Merrill Lynch Capital Real Estate Finance provided a $93 million construction/mini-permanent loan secured by a Class A, 649-unit, multifamily portfolio in Dallas and Houston, Texas. Conservatory Senior Residences agreed to the 3-year, adjustable-rate loan for the senior housing community and two traditional multifamily properties, Holliday reported.

Prudential Mortgage Capital Co. provided a $36.5 million loan secured by a nine-property Colorado retail portfolio totaling 400,000 square feet, according to Holliday Fenoglio Fowler L.P. The 3-year ARM acquisition/interim bridge loan was issued to a joint venture between Hampton Partners and Inland Western REIT.

The Mill River office building in Southport, Conn., secured a $6 million, 10-year, fixed-rate refinance loan by LaSalle National Bank, Holliday said. The 25,900-square-foot property owned by 2507 Associates LLC is fully leased to five tenants, including law firm Brody Wilkinson & Ober, which is the largest tenant and has occupied this space for 20 years.The Northern Ohio Industrial Park, which is about 1.1 million square feet large, secured a $5.5 million refinance loan funded by JPMorgan Chase N.A., Holliday announced. The fixed-rate loan is non-recourse.

Over in San Francisco, a 212,224-square-foot office/industrial/flex complex named Sunset Business Park secured a $27.8 million refinance loan by City National Bank. Nearon Sunset LLC received the 3-year, non recourse, adjustable-rate mortgage priced at 1.35% over the 30-day LIBOR. Occupants of the two two-story buildings include AT&T as the largest tenant, ABM Industries Inc. and BIO RAD, the subsidiary of Pennsylvania-based HFF Inc. reported.

Holliday additionally said it secured a $200 million credit facility for Abacus to acquire multifamily properties throughout the country over an 18-month period. The seven-year acquisition facility with Freddie provides for $150 million of fixed-rate loan proceeds and the remaining $50 million is on a floating-rate basis.

Meanwhile, Centerline Capital Group announced it recently closed Centerline Credit Enhanced Partnership LP – Series L, Number 1, a $108.2 million low-income housing tax credit investment fund. The transaction will finance a portion of the development costs of 10 affordable multifamily properties, of which five were in part financed with $53.3 million in tax-exempt mortgage revenue bonds acquired by Centerline.

Resource Real Estate Inc. acquired a $75 million portfolio of non-performing loans from the Department of Housing and Urban Development on behalf of a newly-formed joint venture with Värde Partners, Pennsylvania-based parent Resource America Inc. announced. Resource will asset manage the 11 loans each secured by a first mortgage on a multifamily property.

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