Stuart Commons sold to dentists

Green Development Group LLC has agreed to sell its professional office development known as Stuart Commons in Cleveland, Tenn. The buyers are Dr. Chad Eslinger, a pediatric dentist; Drs. Brad and Luann Winn of Winn Smiles, general dentistry; and Dr. Brad Jacobs, an orthodontist. All three have practices in Cleveland.

The development will consist of two buildings totaling 12,300 square feet and is currently under construction. Completion will be this fall.

The development is on Stuart Crossing near the intersection of U.S. Highway 11 and Paul Huff Parkway next to the new Tennessee Valley Federal Credit Union. Sale of the project was handled by Jim Metzger and Steve Martin of Bender Realty LLC.

“This project when completed will look distinctly different then any other buildings of its kind in the area,” said Adam Green, Green Development Group’s managing director. “They will be both contemporary in look and timeless in design.

Mortgage bankers meet on Thursday

The Chattanooga Mortgage Bankers Association will have its May meeting on Thursday.

The social starts at 11:30 a.m., and lunch is at noon. The meeting will be at the Chattanooga Choo-Choo, Roosevelt Room. The cost is $15. Tim Haralson of the Haisten Group, an FHA appraiser, will be the speaker.

Commercial loans grow 19 percent

The commercial/multifamily originations market grew 19 percent in 2007, with mortgage bankers closing $507.7 billion in loans according the Mortgage Bankers Association’s “2007 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation.”

Increases were seen across most property types and most investor groups, and were led by increases in loans for office buildings and loans intended for commercial mortgagebacked security, collateralized debt obligations and other asset-backed security conduits. Intermediated loan volume grew 15 percent between 2006 and 2007.

Lending for office properties once again was the leader in property type originations for 2007, followed closely by multifamily. Lending for office properties grew by 36 percent between 2006 and 2007. Lending for multifamily, health care and hotel/motel saw increases, while retail and industrial saw slight declines.