|College Town Transactions
Recent commercial mortgage transactions
May 12, 2003
By ANNE LINEBERRY
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|PW Funding provided a $5.4 million refinancing loan for the Sandpiper Apartments in Salt Lake City, Utah, the company said. The complex has five phases, the first three of which were refinanced. According to PWF, they handled the original mortgage on all phases. The loan was funded under Fannie Mae’s DUS program with a 5.685 percent interest rate, a debt service coverage ratio (DSCR) of 1.54 times (x) and a loan-to-value (LTV) ratio of 35 percent, the statement said.
University Place Apartments in Huntsville, Texas received two mortgages totalling $6.34 million from PWF, the company announced. The loans were funded under the Fannie DUS program and have a 5.26 percent interest rate, a DSCR of 1.52x, and a LTV ratio of 75 percent, according to a company statement. In another Texas college town, PWF said it provided $2.6 million financing for Eagle Crest Apartments in Waco. The Fannie DUS program loan has 5.57 percent interest rate, a DSCR of 1.38x, and a LTV ratio of 80 percent, according to a company release.
GMAC Commercial Mortgage Corporation arranged a $7.6 million acquisition refinancing loan for the 266-unit Tamaron Ranch Apartments in Lynnwood, Wash., the company said. The press release said the loan was financed through Fannie.
An acquisition loan of $9.5 million was arranged by Prudential Mortage Capital for two Fairborn, Ohio, buildings, according to a company statement. The company reported that the loan closed within 45 days of the application and has a 10-year life with two years of interest only payments and a 25-year amortization. Arranged by Pinnacle Financial Group of Cleveland, the interest rate for the loan is 5.94 percent the statement said.
Prudential originated and arranged for a $10 million acquisition loan for W&M Properties, for a 17,000-square-foot shopping center in Westport, Connecticutt, the company said. The 10-year loan carries a 5.64 percent interest rate with a four-year interest only period. LTV ratio is 55.25 percent, according to a company statement.
The Boston Business Journal reported that Meredith & Grew Inc. secured an $11-million first mortgage for Lafayette Place in North Hampton, N.H. New York Life Insurance Co. provided the funds, the paper said.
PWF provided $19.4 million in financing for a 360-unit apartment complex in Houston, the company said. A subsidiary of Charter Municipal Mortgage Acceptance Company, PW funded the 5-percent loan through Freddie Mac’s Bond Credit Enhancement program, according to a press release. The Concord at Palm Center received a DSCR of 1.12x and a LTV ratio of 90 percent, the company said.
A fixed-rate $19.5 million refinance loan was arranged for a Chester County, Pa. office complex by GMAC, the company reported. The company said that GMAC also provided the original financing for the building and that the owner traded away from a floating rate.
Red Mortgage Capital, Inc. announced a plan totaling $45.8 million for Hearthstone Assisted Living, Inc. The financing includes $8.5 million in Fannie DUS MBS permanent financing and other bridge and mezzanine transactions for 885 assisted living units in Texas, Georgia, Alabama, Arizona, Michigan and Tennessee, the company said.
Anne Lineberry is MortgageDaily.com‘s editor. She previously worked as an online editor/producer for DallasNews.com and on the Metropolitan desk for the print edition of The Dallas Morning News. Emaill Anne at AnneLineberry@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:...