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Apartments, Malls and Industrial Parks

Apartments, Malls and Industrial Parks

Recent commercial mortgage transactions

August 4, 2003


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Noble Mortgage & Investments LLC, reported funding a $1.7 million refinancing package for two Houston, Texas, apartment complexes. The loan carried an interest rate of 16 percent with a three-year term, a one-year prepayment penalty and a 20-year amortization, Noble said. Also, the first 60 days are interest only, according to the lender. The two complexes have a combined 232 units and one was under a condemnation notice at the time of the refinance, which is to be used for renovations, according to the statement. Also, Noble said it would donate a portion of the loan’s earnings to a charity for abused children.

Penhorn Development received $3.9 million construction financing for a property in Seacaucus, New Jersey, in the Meadowlands industrial park, said Holliday Fenoglio Fowler, L.P., who arranged the deal. The funds are reportedly being used to complete Phase I of a two phase-project.

HomeStreet Capital, under the Fannie Mae DUS program, reported providing $12.75 million in refinancing to two Philadelphia-area apartments. Newtown Place Apartments has 150 units and Wynmere Chase Apartments has 80.

Fixed-rate refinancing in the amount of $22.9 million has been arranged for an apartment complex in Kirkland, Washington, said GMAC Commercial Mortgage Corporation, the company that closed the deal. The five-story Tera Apartments have a fitness center, clubhouse and swimming pool.

Prudential Mortgage Capital Company reported closing a $25.7 million loan secured by an apartment complex in Palm Desert, California. Canterra Apartment Homes is the subject of the 10-year loan, which carries a 5.55 percent interest rate and amortizes over 30 years, according to a statement on the Business Wire. The 306-unit garden apartments were built this year and are 96.5 percent occupied, the statement said.

GMAC reported providing a refinancing package for The Meridian Group. GMAC’s $175 million deal included first mortgage debt, mezzanine debt and equity components for 3 Bethesda Metro Center, according to a press release. The Bethesday Hyatt Regency Hotel is part of the deal, the statement said, as is a 365,000-square-foot office building.

A Torrance, California, mall has been purchased for $442 million by The Mills Corporation, according to the purchaser. Part of the funding, a $316 million loan, was closed at the aquisition, Mills said. The three-year, interest only loan is based on the London Interbank Offered Rate plus 240 basis points and contians options for two one-year extensions, according to Mills, who said that the remainder of the cost will be provided from proceeds of its preferred offering and lines of credit. The Del Amo Fashion Center contains about 2.5 million square feet of leasable space, according to the statement. The International Council of Shopping Centers said it is in the top three malls, sizewise, in the United States.

Anne Lineberry is‘s editor. She previously worked as an online editor/producer for and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at

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