About $180 million in loans were arranged in this latest installment of commercial mortgage activity. Renters and aging baby boomers drove nearly $120 million of the activity.
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A 13-story multifamily building with ground floor retail in New York secured a $20.5 million loan at rate of 6%, interest only, over a three-year term, Meridian Capital Group LLC said. The property, located in Manhattan’s midtown Fashion District, holds 98 apartment units and four retail spaces, including Steve Madden Footwear, Nextel, and Missha Skincare.
Skymar Capital funded a $1.1 million loan for a Shell gas station and convenience store in Arlington, Texas, Thomas D. Wood and Co. announced. The 5-year loan has a fixed rate of 6.375 percent and 25-year amortization. The loan-to-value for the 6,030 square-foot gas station is 75 percent.
A 10-year, $6.5 million loan for the purchase of Westgate Shopping Center, a facility with 16 suites in Salem, Ore., secured a rate of 6.04%, New York-based brokerage Meridian said. The first five years of the loan are interest only, while the second five carry a 30-year amortization.
Over in Simi Valley, Calif., the Centre Court retail center secured a $20 million refinance loan by Hartford Investment Management Co., Miami-based Holliday reported. Century Quality Management Inc. agreed to repay the 25-year loan at fixed rate of 5.98 percent. The 150,000-square-foot property is anchored by an Albertsons/Savons, and includes a 24 Hour Fitness, Starbucks and Jamba Juice.
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| In office activity, an 8,970-square-foot office building in Niagara Falls, N.Y., found an $840,000 first mortgage through Largo Real Estate Advisors Inc. The 10-year fixed-rate loan has a 25-year amortization schedule. The main tenants of the renovated property are Abcare Family Dental, Aspire Dental Laboratory and Covent Marketing and Financial Services, Getzville, N.Y.-based Largo reported.
StanCorp Mortgage Investors funded a $1.75 million loan for five office-warehouse buildings in Oldsmar, Fla., that measure a total 76,600 square feet and have a 73 percent loan-to-value, according to Miami-based Thomas D. Wood. The permanent loan has staggered amortization, with the loan term at 212 months, based on a 25-year amortization.
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Allstate Investments LLC provided a fixed-rate loan of $31.5 million that enabled H.N. Gorin Inc. to purchase Dunkin’ Brands Headquarters in Canton, Mass. The property has 175,000 square feet of Class A office space that is fully leased to Dunkin Brands, which includes the Dunkin Donuts and Baskin Robbins brands, Holliday said.On Friday, Love Funding closed a $4.34 million loan for Aarenbrooke Place in Boise, Idaho. The deal for the 25,535-square-foot assisted living facility includes a fixed rate with a non-recourse, 35-year amortization insured loan, the St. Louis, Mo.-based lender said.
Merrill Lynch Capital Real Estate Finance issued a $93 million construction/mini-permanent loan to Conservatory Senior Residences, Holliday Fenoglio Fowler L.P. announced. The 3-year adjustable-rate mortgage is secured by Class A portfolio consisting of one senior housing community property and two traditional multifamily properties, totaling 649-units, in Dallas and Houston, Texas. |
