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Sources Of Financing
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Sources Of FinancingWexford
Bancgroup (312-458-4484) has
formed a “hard money” finance division for loans ranging between $1 million
and $12 million. Rates are prime
plus 2% to 5%, with terms of one year with extension options.
Full recourse exists for principals.
Fees are 3% to 6%, and most real estate properties are eligible.
JP
Realty, Inc. (801-486-3911)
closed on a $200 million unsecured revolving credit facility led by Bank One as
administrative agent. Other banks
participating in the facility include Commerzbank, Citicorp Real Estate,
Fleet National Bank, Wells Fargo Bank, AmSouth Bank and Citizens Bank.
The new facility replaces the company’s previous $200 million facility
scheduled to expire in October and which has been terminated.
The facility has a term of three years and will be used for general
corporate purposes including acquisitions, development and working capital. Amerivest
LLC
(416-969-8039) provided $20 million in construction financing for a 170,000
sq.ft. Home Depot located in Mexico.
The loan terms were for 11.5% for 15 months with a 10-year takeout at
10.25% fixed. Liberty
Mortgage Acceptance Corporation
(916-568-0100) provides non-recourse commercial and income property loans
ranging from $3 million to $100 million with LTV ratios of 75% for most
properties. The fixed rate on
“A” properties can be as low as 8%. Archon
Financial
(972-501-3900) recently funded a $19.5 million acquisition loan for Sandstone
Property Management Group for the purchase of Ventura Shopping Center,
a 153,069 sq.ft. shopping center anchored by Office Depot, Petco, Ross Dress
For Less, Barnes & Noble and Kinko’s.
The center is located adjacent to U.S. Highway 101 near the Pacific Ocean
in Ventura, CA. The loan closed in
30 days. George Smith Partners,
Inc. arranged the loan. Dana
Commercial Credit
(512-472-6111) formed a partnership with Dunhill Partners called Addison
Town Village, Ltd. to invest $4.9 million in the Village on the Parkway,
a 387,077 sq.ft. shopping center located on the southwest corner of Belt Line
Road and Dallas North Tollway in Austin, TX.
The center is anchored by Bed, Bath & Beyond and 24-Hour
Fitness. |