|Hotels, Offices and Apartments
Recent commercial mortgage transactions
February 18, 2003
By CHRISTY ROBINSON
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|Prudential Mortgage Capital Company announced it provided a $16.3 million loan to refinance a Florida medical office building. The loan was originated for Prudential’s conduit. The 10-year loan is secured by Pal-Med Medical Office, a 164,737 square-foot office complex adjacent to the Palmetto General Hospital in Hialeah, Fla. The complex is 95% occupied. Prudential is the commercial mortgage lending business of Prudential Financial, Inc. The Dallas office of Holliday Fenoglio Fowler, L.P., announced it arranged a $9 million refinancing loan for Stacy’s Home Furnishing Center, a 218,529 square-foot, multi-tenant home furnishing and design center located in Grapevine, Texas. The 15-year, fixed-rate financing was arranged on behalf of Stacy Family Enterprises through Safeco Life Insurance Company. James R. Stacy is the mayor of Southlake, Texas, and owns and operates Stacy Furniture. Stacy Furniture occupies 175,320 square feet of the center. The three-level, multi-tenant retail showroom and warehouse facility contains 218,529 square feet and is situated on nearly seven acres of land. The property is currently 100% leased by ten tenants including Carpet One, Stone Appliance, and Blinds ‘N More. The Indianapolis office of Holliday announced it arranged a $2.3 million acquisition loan for The Brenwick Building, a three-story, 24,412 square-foot, mixed-use building located in Carmel, Ind. The seven-year, fixed-rate loan was arranged on behalf of an undisclosed borrower through American Equity Investment Life, a correspondent life insurance company. The Brenwick Building features an upscale 27,250 gross square feet of office and retail space situated on about a one-third acre of land. The building is the first commercial project within The Village of West Clay, a 700 plus-acre traditional neighborhood development in Carmel. The Brenwick Building is 100% leased. The Dallas and New York offices of Holliday announced they teamed up to arrange a $27 million refinancing for 218 West 40th Street, a 151,231 square-foot office building located in New York’s Times Square South district. The three-year, adjustable rate refinancing for 218 West 40th Street Investors, LLC, was arranged on behalf of Tishman-Heskin Partners, through PB Capital Corporation, a bank lender. 218 West 40th Street is a 12-story, Class B building with 151,231 square feet of office space. Originally constructed in 1923 and substantially renovated over the past two years, the building is currently more than 95% leased. Major tenants include Katharine Gibbs Corporation and Donna Karan International. Located just south of Times Square, traffic around the building can exceed 344,000 subway riders and 185,000 commuters daily. Prudential announced it originated a $42.6 million refinancing loan on behalf of Fannie Mae for Valentia Apartments LLC. The loan is secured by the Valentia Apartments in San Diego, Calif., a 318-unit, Class A, apartment complex. The borrower is an entity controlled by J.F. Shea Co., Inc. and Shea Properties. The ten-year loan amortizes over 30 years and has an interest rate of 5.28%. The loan structure included, among other things, a waiver of tax, insurance, and capital reserve escrows. Prudential announced it provided a $70 million loan to Hedreen Hotel LLC to finance the Elliott Grand Hyatt Hotel in Seattle. The loan was originated for Prudential’s general account. The Elliott Grand Hyatt Hotel, a 29-story, 425-room luxury hotel, is adjacent to the Washington State Convention and Trade Center. The hotel is under a long-term management contract by The Hyatt Corporation.The Houston office of Holliday announced it arranged acquisition financing for The Mills, a 708-unit multifamily property in Houston. The five-year, fixed-rate financing was arranged on behalf of Bissonnet Mills, L.P through Column Financial, Inc.|
Christy Robinson is the editor of MortgageDaily.com. She received a bachelor’s degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.
email Christy at: ChristyRobinson@MortgageDaily.com
7 Refinance Strategies
Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...