Commercial Property Finance

Cohen finds $4.7M for Las Olas by the River

Thursday, August 26th, 2010

MIAMI - Cohen Financial, a national real estate capital services firm, secured a $4.785 million acquisition financing of Las Olas by the River. The upscale multifamily property is at 520 SE 5th Ave. in Fort Lauderdale along the banks of the New River. The loan collateral consists of 55 unsold units within the 240-unit total project and is almost fully leased.   

USAA closes $546M equity fund

Wednesday, August 25th, 2010

SAN ANTONIO, Texas - USAA Real Estate Company announced the successful conclusion of fundraising for the US Government Building Fund LLC. The fund has raised $546 million in direct and indirect equity commitments from USAA and six institutional investors including domestic and foreign pension funds and insurance companies.

US Government Building Fund LLC has assembled a geographically diverse portfolio of properties and provides attractive, risk-adjusted returns generated by the acquisition and operation of buildings leased to federal and state governments.

Old Florida National Bank, Mercantile Capital Corp. plan merger

Wednesday, August 25th, 2010

ORLANDO - Old Florida National Bank and Mercantile Capital Corporation have entered into a merger agreement. Old Florida National Bank, headquartered in downtown Orlando, expects the merger to be finalized in the late fourth quarter or early first quarter of 2011.  

Randy Burden, chairman of Old Florida, and Geof Longstaff, chairman of Mercantile, jointly announced the merger.

TD Wood finds $3.2M for shopping centers

Wednesday, August 25th, 2010

MIAMI - Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,200,000 for Washington Place Shopping Center and Cypress Creek Shopping Center.

Steve Wood, company chief operating officer, along with Mike Daspin of United Financial, secured $1,200,000 in financing for Cypress Creek Shopping Center through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company.

Cohen Financial finds $35M for Water's Edge complex

Sunday, August 22nd, 2010

MIAMI - Cohen Financial, a national real estate capital services firm, has secured a $35.825 million refinancing for Water’s Edge, a luxury, 26-story multifamily tower and 10,000sf retail complex. The property is at 331 Cleveland St. in Clearwater, overlooking the Clearwater Harbor. The transaction financed 143 of the project’s total 153 two- and three-bedroom tower units.

HFF finds $79M for Shops at Sunset Place

Thursday, August 19th, 2010

MIAMI - The Miami office of HFF (Holliday Fenoglio Fowler L.P.) arranged a $79 million refinancing for The Shops at Sunset Place, an open-air mall in Miami.

Cantor Fitzgerald exec sees lending opportunities in FL

Thursday, August 19th, 2010
By: 
Robert Pitts, Florida Real Estate Journal

NEW YORK - The CEO of a new real estate financing company said stabilizing values - even in Florida - and growing confidence among CMBS investors are providing the basis for a timely launch into new mortgage lending and securitization.

Cantor Commercial Real Estate, a joint venture between Cantor Fitzgerald and CIM Group, will originate fixed- and floating-rate mortgages and mezzanine loans, predominantly in urban communities in major U.S. markets, and will engage in securitizations of those loans.

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DebtX JV to sell $234M in loans

Thursday, August 12th, 2010

BOSTON - KDX Ventures, a joint venture between DebtX and KEMA Advisors, will sell $234 million in multifamily and healthcare loans for the U.S. Department of Housing and Urban Development.

The portfolio consists of 18 multifamily commercial real estate loans and three healthcare loans, ranging in size from $1 million to $44.3 million. The collateral is in Arizona, Connecticut, Washington D.C., Florida, Kentucky, Michigan, Minnesota, North Carolina, Ohio and Rhode Island.

Cantor Fitzgerald, CIM Group launch CRE lending platform

Wednesday, August 11th, 2010

NEW YORK - Cantor Fitzgerald and CIM Group announced the formation of Cantor Commercial Real Estate, a real estate financing business that will originate fixed- and floating-rate mortgages and mezzanine loans secured by diverse real estate assets, predominantly in urban communities in major U.S. markets, and will engage in securitizations of these loans.

Cantor Fitzgerald and CIM will serve as co-general partners. The CCRE management team is led by Anthony Orso, executive managing director of Cantor Fitzgerald and chief executive officer of CCRE.

CRE loan prices rise in June, DebtX reports

Wednesday, August 11th, 2010

BOSTON - The aggregate value of commercial real estate loans priced by DebtX that collateralize CMBS increased to 77.4% as of June 30, 2010, from 76.6% as of May 28, 2010. Loan values were 76% as of June 30, 2009.

"Commercial real estate fundamentals continue to deteriorate and are constraining CMBS loan price increases gained through lower treasury rates," said DebtX CEO Kingsley Greenland.

TD Wood closes $13.9M in financing

Wednesday, August 11th, 2010

ORLANDO - Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $13,970,000 for Golden Eagle Village Publix, Walgreens Pharmacy, and Coral Commons and Carmel Center.

Doug Rozzell, company principal, secured $9,197,000 in construction financing for the Golden Eagle Village Publix through Thomas D. Wood and Company's relationship with a national bank. The grocery-anchored retail center will contain 63,950sf, with three outparcels. The Golden Eagle Village Publix will be built on US 27 in Clermont.

NorthMarq arranges $1.75M for Sunwood Village

Wednesday, August 11th, 2010

ORLANDO - Bill Hardman, vice president of NorthMarq Capital's Orlando regional office, arranged first mortgage financing of $1.75 million for Sunwood Village, a 78-unit multifamily property in Leesburg. Financing was arranged for the borrower by NorthMarq through its relationship with KCVG/Hunt Opportunity Fund I LP.

NorthMarq finds $1.9M for Eastwood Oaks

Wednesday, August 11th, 2010

JACKSONVILLE - Lamar Sarra, vice president of NorthMarq Capital's acksonville regional office, arranged first mortgage financing of $1.9 million for Eastwood Oaks, a 104-unit multifamily property in Hilliard. Financing was based on a 10-year term, and a 30-year amortization schedule was arranged for the borrower through NorthMarq's seller-servicer relationship with Freddie Mac.

Ram, Square Mile buy $150M in property notes

Wednesday, August 11th, 2010

PALM BEACH GARDENS - Ram, a real estate development and acquisition firm, and Square Mile Capital Management LLC announced their joint venture acquisition of a portfolio of 38 non-performing loans with a total par value of approximately $150 million.

The assets were acquired on behalf of affiliates of Ram Realty Partners II and Square Mile Partners III. The collateral includes 39 shopping centers in nine southern states representing a portfolio of 1.8 msf.

CBRE arranges $31M in financing

Thursday, August 5th, 2010

ORLANDO - CB Richard Ellis announced that Glenn Housman, MAI, senior vice president with CB Richard Ellis Capital Markets Group, recently arranged financing for multiple properties in several markets.