Sources Of Financing
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Sources Of Financing


GMAC Commercial Mortgage (215-328-3383) has arranged $3,018,000 in fixed-rate permanent financing for the 15,120 sq.ft. Walgreen’s Drug Store in Carmel, IN. The site is located at the intersection of 106th Street and Michigan Road and contains 1.97 acres. The owners, Glendale Partners West Carmel Outlots, LLC, received the financing from a life insurance company with a 20-year amortization term. The company also arranged $6 million in permanent fixed-rate financing for the 30,000 sq.ft. Four Eyes Eatontown Shopping Center in Eatontown, NJ. The center is located at the intersection of Routes 35 and 36 and is situated on 2.43 acres. Tenants include Men’s Wearhouse, the Vitamin Shoppe, Sprint and Harvey’s Electronics. WSG Eatontown Development, LLC received the loan with a 30-year amortization period.

Marabella Commercial Finance (760-741-0800) is targeting Jack In the Box and IHOP net-leased properties for financing. Programs offer a fixed interest rate between 8.25% and 8.75% for a five, 10, 15 or 20-year term and an amortization period of 20 years. The program offers a maximum LTV of 75% and a minimum DSCR of 110% to 120%.

Ackman-Ziff Real Estate Group (212-697-3333) has arranged a $15.8 million acquisition loan for DLC to acquire the 216,036 sq.ft. Beach Shopping Center in Peekskill, NY. The center is anchored by Grand Union and has an occupancy factor of 68%. The loan has a three-year term with an available one-year extension and the amortization is interest only.

Atlas Partners (312-516-5702) with Cohen Financial Group arranged a $25 million first mortgage for HomeLife Corporation. The mortgage has a five-year term, a 20-year amortization period and is secured by 12 freestanding stores, owned by HomeLife, in FL, IL, MA, NH, PA, VA and WA. The funds will be used to pay for past and future store expansion and other long-term capital expenditures.

Video Update (651-222-0006) signed a $5 million debtor-in-possession financing agreement with Movie Gallery (334-677-2108). Movie Gallery had previously purchased the senior secured debt and the bankruptcy court approved an amended cash collateral order providing increased carve-outs for Video Update’s key vendors.