|A 73-unit apartment complex in Chicago secured a $3 million loan funded by PW Funding Inc. The loan has a 4.85% interest rate, a 1.69 times (x) debt service coverage ratio (DSCR) and a 48% loan-to-value (LTV).
Hudson Realty Capital LLC announced it funded a $4 million secondary mortgage loan for the developers of a new condominium complex in Brooklyn, N.Y. The nine, eight-story buildings secure the 11% interest-rate loan, which has an amortization of interest only for one year and an LTV of 70%, said a company spokeswoman in a phone interview.
Pilchers Olsen Village L.P. secured a $4.05 million refinancing loan originated by Prudential Mortgage Capital Company. L. J. Melody arranged the 27.5/10 loan structured with a 6.21% interest rate loan for a 48,391 square-foot retail space in South Carolina.
Prudential originated a $4.8 million loan secured by Westdale Carriage Square Ltd. for a retail complex in Denton, Texas. The 25/10 loan has a 6.47% interest rate and was arranged by Quantum First Capital.
PW funded a $5.3 million loan secured by a 247-unit garden apartment complex. The 5.86% interest rate loan for the Salt Lake City, Utah-based property has a 1.50x DSCR and a 57% LTV.
Two Wal-Marts in Wisconsin secured two refinance loans totaling $7.35 million arranged by Tremont Realty Capital. One center located in Rhinelander secured a $3.40 million loan with an interest rate of 4.58%, while an Appleton-based center secured a $3.95 million loan with a 4.63% interest rate. Both are self-amortizing, 10-year, nonrecourse loans funded by a major institutional lender.
PW provided mortgage financing totaling $11.2 million for a 296-unit apartment complex in Louisiana. The loan was comprised of $7 million in tax-exempt, variable-rate refunding bonds and a 30/10 loan of $4.2 million of new money, variable-rate taxable bonds. The combined loans have a 1.30x DSCR and a 78% LTV.
The Shopping Center Group LLC announced it completed the sale of four shopping centers in the Atlanta, Ga., metro area totaling $31.2 million. A real estate investment trust acquired a 95,597 square-foot Kroger anchored center for $12.1 million; a private investor acquired a 50,000 square-foot center and 3 acres of land for $6.2 Million; a 60,823 square-foot property was sold to a private investment group for $9.7 million; and a 32,295 square-foot shopping center sold for $3.2 million to a tax exchange investor.
Glimcher Realty Trust announced it closed a $114 million permanent mortgage for the Mall at Fairfield Commons. The Dayton, Ohio-based property secures the 30/11 loan, which carries a 5.45% fixed-rate.
The U.S. Department of Housing and Urban Development (HUD) announced it awarded 39 loans with an unpaid principal balance of $153 million. PAMI MidAtlantic LLC and Capital Crossing Bank received the mortgage loans secured by multifamily apartment properties, assisted living and nursing home facilities insured by the Federal Housing Administration (FHA). The sale of the mortgages was part of the HUD Accelerated Claims Disposition initiative designed to produce savings — $28 million in this transaction — to the department by accelerating the claims process on FHA-insured defaulted loans.
Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.