Commercial Property Finance

WINTER PARK - Geof Longstaff, who earned his MBA from the Crummer Graduate School of Business at Rollins College and has more than 30 years of experience in banking, real estate development and community service, has a question for U.S. bailout managers, not the least of whom is U.S. Treasury Secretary Henry Paulsen: “Where were the boards?” “It’s easy and justifiable to criticize CEOs of the firms that are getting bailout help,” said Longstaff.

ORLANDO - Michael J. Daspin, president of United Financial of America Inc., Orlando, has recently secured financing for several projects, including $1,008,000 for a Family Dollar store in Interlachen and $949,500 for a Family Dollar store in Hilliard. The loans were financed by a California bank at a fixed rate of 5.88% for a seven-year term with repayment based upon a 30-year amortization schedule.

MIAMI - J. Jeffrey Robertson, senior vice president and managing director of NorthMarq Capital Inc.’s Miami Lakes regional office, arranged a $4.3 million first mortgage financing for Miller Plaza, a 49,360sf retail property in Kendall. Major tenants include Firestone, 7-11 and Enterprise Rent-A-Car. Financing was based on a 10-year term with a 25-year amortization schedule and was arranged for the borrower, Miller Plaza Ltd., by NorthMarq through its correspondent relationship with The Lincoln National Life Insurance Company.

ORLANDO - Law firm Foley & Lardner LLP announced the launch of its Senior Living Private Equity Matchmaker tool, the latest addition to its proprietary online Private Equity Matchmaker software platform that is designed to enhance the ability of Foley attorneys to refer potential business opportunities to its existing client base.

MIAMI - Thomas D. Wood and Company secured financing in the amount of $3,000,000 for a Borders book shop in Miami. Steve Wood, company chief operating officer, financed the loan through Minnesota Life Insurance Company, one of Thomas D. Wood and Company’s correspondent life insurance companies, at a permanent fixed-rate of 6.55%. The fully-amortizing loan has a term of 15 years and a 28% loan-to-value. The 17,850sf freestanding retail store was built in 1993 and is at 9205 South Dixie Highway, Miami.

BOSTON - The Counselors of Real Estate met recently in Boston to hear leading experts in economics and commercial real estate debate the causes and lessons learned from the subprime fiasco. The burning question: “What really happened in the subprime market, and are we fixing the right things?”

KNOXVILLE, Tenn. - Sthenia Solutions has launched LoanMarq, a complete finance management application for the mortgage, banking and real estate industries that brings borrowers, lenders, loan officers, appraisers, agents, title and escrow officers together in a simple Web-based community. LoanMarq is said to streamline the real estate loan process by tracking progress from origination, processing, underwriting, to closing, and increasing transparency and accountability for the consumer and associated industry professionals.

MIAMI - Cohen Financial, a national real estate capital services firm, has arranged a $26.9 million credit facility for Emerald Grande, a mixed-use, waterfront development at the mouth of Destin Harbor in Destin. Howard Taft, managing director, and Charles Penan of Cohen Financial’s Miami office originated the transaction.

MIAMI - Thomas D. Wood and Company secured financing in the amount of $2,400,000 for Palm Bay Studios in Miami. Stephen Wechsler, company vice president, financed the loan through Thomas D. Wood and Company’s relationship with a community banking institution at a permanent fixed-rate of 6.25%. The loan term is five years, based on a 25-year amortization and a loan-to-value of 35%. The 92,200sf industrial building was built in 1946 and is at 395 NE 59th St., Miami.

MIAMI BEACH - Absolut Financial Resources arranged a $14 million refinance loan on a credit retail/office building on Lincoln Road in Miami’s South Beach area. The loan, which closed last month, was provided by a life insurance company and bears a floating rate based on LIBOR, three-year bridge, interest-only with an extension option. The 546-560 Lincoln Road property consists of approximately 14,600sf of credit retail space and 15,500sf of office space. National credit tenants together with a variety of restaurants and retail stores surround the property.

PALM BEACH - Love Funding recently announced that Carolyn Whatley, first vice president of the national mortgage-banking firm’s Palm Beach office, has been appointed to serve on the board of directors for a financial advisory council. Whatley has been elected to serve as secretary of the Southeast Mortgagee Advisory Council (SMAC). The council is an organization of HUD mortgagees that originates and processes multifamily and healthcare products in HUD’s multifamily hub offices. SMAC represents offices in Atlanta, Greensboro and Jacksonville.

ORLANDO- CB Richard Ellis recently announced that Dennis Jimenez, vice president with CB Richard Ellis Capital Markets Group, recently arranged financing in the amount of $21,049,000 on behalf of a Florida investor for the acquisition of Birch Landing Apartments. Birch Landing is a 518-unit apartment community in Austell, Ga. CBRE was able to accommodate the demanding time-frame required by the borrower and closed the loan within 21 days of loan application. Terms of the financing included an interest-only period of 24 months, followed by 30-year amortization, and 80% loan to value.

MIAMI - Thomas D. Wood and Company secured financing in the amount of $4,000,000 for Medley Industrial in Miami. William Kaler, assistant vice president, financed the loan through Aviva Capital Management, one of Thomas D. Wood and Company’s correspondent life insurance companies, at a permanent fixed-rate of 6.44%. The loan term is 10 years, based on a 25-year amortization and a loan-to-value of 70%. The 118,000sf multitenant industrial building was built in 1970 and is at 7650 NW 69th Ave., Miami.

WASHINGTON, D.C. - Commercial and multifamily mortgage loan originations remained low in the third quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Third quarter originations were 53% lower than during the same period last year. The year-over-year decrease was seen across all property types and most investor groups.

TAMPA - Citing a combination of the declining economy, the credit freeze that is currently gripping the U.S. and a challenging real estate market, Land Resource LLC announced that the company and 34 of its affiliates/subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code on Oct. 30. In order to facilitate an orderly negotiation process with its creditors and facilitate a structured sale of the enterprise or its assets, the company filed its Chapter 11 case in the U.S. Bankruptcy Court for the Middle District of Florida in Orlando.