Mortgage Beat

Mortgage Beat

Northwestern Mutual Provides $91 Million Construction/Permanent Financing on D.C. Development

3336 Wisconsin Avenue.

A joint venture between Giant of Maryland and the Bozzuto Group secured $91 million in construction and permanent financing for Cathedral Commons, a 264,272-square-foot, mixed-use development in Washington, D.C.

Northwestern Mutual Life Insurance Company originated the 13-year, fixed-rate loan, a spokeswoman with HFF confirmed. HFF represented the borrower on the deal. Read More

Mortgage Beat

Aimco Finances Lincoln Place Redevelopment for $190.7 Million

1077 Elkgrove Avenue.

Apartment Investment and Management Company closed a $190.7 million FHA-insured loan to finance the redevelopment of Lincoln Place, a 35-acre property at 1077 Elkgrove Avenue in Venice, Calif.

The FHA-lender Red Mortgage Capital provided the loan, which bears an interest rate of 2.73 percent and is interest-only until 2014, when it converts to a 40-year fully amortizing loan freely pre-payable after 10 years. At closing, Aimco prepaid a $63 million loan secured by the property that required interest at 7.5 percent and that was due in the fourth quarter of 2013. Read More

Mortgage Beat

Berkeley Point Arranges $74.7 Million Fannie Mae Loan on Woodner Apartments in D.C.

3636 16th Street NW.

Berkeley Point Capital LLC has arranged the refinancing of the 1,072-unit Woodner Apartments in Upper Northwest Washington, D.C. The owner of the property, the Woodner Company, obtained a $74.7 million Fannie Mae loan.

“The loan proceeds will be used to pay off six existing coterminous loans that are due in June 2013 and to provide additional funds for upgrades to the property’s Art Deco-styled common areas,” a spokeswoman for Berkeley Point confirmed to The Mortgage Observer. Read More

Mortgage Beat

GSA-Heavy Bethesda Building Receives $47 Million in Financing

10401 Fernwood Road.

Cushman & Wakefield Equity, Debt & Structured Finance has arranged $47 million in financing for the Atrium at Rock Spring Park, a 237,000-square-foot office building located at 10401 Fernwood Road in Bethesda, Maryland.

Meritage Properties owns the building in a joint venture with GTIS Partners. The two bought it from Hines in 2006 for $57 million, according to data from Real Capital Analytics. Previous financing on the building included a $20.5 million first mortgage from Variable Annuity Life Insurance Co. Read More

Mortgage Beat

$51 Million Construction Loan from CIBC Funds Lightstone Multifamily

50-01 2nd Street.

A Long Island City residential project is underway thanks to a $51 million construction loan provided by Canadian Imperial Bank of Commerce.

The Lightstone Group and its sponsored, non-traded REIT Lightstone Value Plus are constructing the 199-unit multifamily property at 50-01 2nd Street along the East River in Long Island City. Financing from CIBC closed September 28, 2012. Read More

Mortgage Beat

Joint Venture Will Recapitalize 31-Property Southern California Portfolio

L.A. Corporate Center, Monterey Park, CA.

SL Green Realty Corp., an affiliate of Blackstone Real Estate Partners VII, Gramercy Capital Corp. and Square Mile Capital Management LLC have announced a joint venture for the recapitalization of a 31-property, 4.5-million-square-foot office portfolio in Southern California.

The extended $678.8 million mortgage financing was led by New York Life Insurance Company, acting as its agent. DekaBank Deutsche Girozentrale, Westdeutsche ImmobilienBank AG, Muenchener Hypothekenbank eG and Wells Fargo BankTotal were the lenders. Financing on the portfolio after the recapitalization is $746.8 million. Read More

Mortgage Beat

C&W Report Shows Investment Sales Volume Decline in the Third Quarter


Investment sales volume in Manhattan dropped 30 percent year-over-year in the first three quarters of 2012 from the same period in 2011, mainly due to a reduction in distressed activity, data from commercial services firm Cushman & Wakefield shows.

In its third quarter report for the Manhattan commercial real estate market, Cushman & Wakefield shows that as of September 2012, investment sales volume totaled $13.6 billion, from over $20 billion in the same period of 2011. “The drop in volume, we believe, is due to the reduction in distressed property sales,” said Helen Hwang, a company executive vice president. Read More

Mortgage Beat

Bank of America Provides $60 Million Loan to Build New East Village Luxury Condo

Rendering of 211 Wast 13th Street.

A joint venture partnership of Ironstate Development Company, Abe and Scott Shnay and Charles Blaichman has obtained a $60 million loan from Bank of America on a lot on the East Village where they have just broken ground on a new 83-home luxury condominium building.

The building will rise at 211 East 13th Street between 2nd and 3rd Avenues. A spokesman with the developers confirmed the deal to The Mortgage Observer. Read More