Commercial Mortgage – Recent Deals
Bryxstone Apartments / Panama City, FL / $4,000,000
A first mortgage loan secured by 16 two-story apartment buildings totaling 64 units and 62,000 square feet of net rentable area on 4.42 acres of land. The improvements were built in 1980 of wood frame construction and renovated in 2020. The subject is 100% leased. The initial loan to value is 54% with a 1.93x debt coverage ratio.
10 year term and 30 year amortization
Originated by: Jim Hoggatt / Walker & Dunlop
Downs Boulevard MOB / Nashville, TN / $1,960,000
A first deed of trust loan secured by a single-story medical office building totaling 10,450 square feet of net rentable area on 1.34 acres of land. The improvements were built in 2015 of masonry construction. The subject is 100% leased to two tenants. The initial loan to value is 47% with a 1.84x debt coverage ratio.
15 year term and 20 year amortization
Originated by: Jim Gunn / Vista Commercial Mortgage Group
Holasek Business Park / Minneapolis, MN / $16,700,000
A first deed of trust loan secured by a single-story industrial warehouse totaling 237,208 square feet of net rentable area on 22.45 acres of land. The improvements were built in 2019 of precast concrete and steel construction. The subject is 100% leased to two tenants. The initial loan to value is 67% with a 1.5x debt coverage ratio.
20 year term and 25 year amortization
Originated by: Mick Thorsland / Venture Commercial Mortgage
Palm Tree Plaza / Melbourne, FL / $2,950,000
A first mortgage loan secured by four single-story mixed-use buildings totaling 55,450 square feet of net rentable area on 3.26 acres of land. The improvements were built from 2002-2008 of masonry construction. The subject is 98% leased to 33 tenants. The initial loan to value is 58% with a 1.49x debt coverage ratio.
17 year term and 17 year amortization
Originated by: Brad Cox / Thomas D. Wood & Company
Scott Boulevard Industrial / Santa Clara, CA / $8,250,000
A first deed of trust loan secured by a single-story industrial building and a single-story office building totaling 36,567 square feet of net rentable area on 2.91 acres of land. The improvements were built in 1955 and 2014 of tilt-up concrete construction. The subject is 100% leased to a single tenant. The initial loan to value is 65% with a 1.04x debt coverage ratio.
15 year term and 15 year amortization
Originated by: Daniel Friedberg / Slatt Capital
Westech 10 Corporate Center / Phoenix, AZ / $1,500,000
A first deed of trust loan secured by two single-story industrial buildings totaling 25,855 square feet of net rentable area on 2.94 acres of land. The improvements were built in 2007 of tilt-up concrete construction. The subject is 77% leased to two tenants. The initial loan to value is 39% with a 1.69x debt coverage ratio.