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Sources Of Financing
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Sources Of Financing Cohen Financial Corp. (312-346-5680) arranged financing for retail properties in WI MN CA and IL. Developers of the Westhaven Village Apartments in Madison WI a multi-use apartment complex tenanted by Paradise Liquors Glass Nickle Pizza and Back to Beach signed a $6 million 10-year non-recourse loan with carveouts on a 30-year amortization schedule with a 75% loan-to-value ratio. A 13 905 sq.ft. Walgreens in Hastings MN will benefit from a $2.96 million 10-year non-recourse loan on a 30-year amortization schedule with carveouts on an 80% loan-to-value ratio. The firm also secured $6.934 million in debt placement for the developers of a 108 152 sq.ft. Kmart in Shakopee MN. The 10-year non-recourse loan with carveouts is set on a 30-year amortization schedule with an 80% loan-to-value ratio.The 173 000 sq.ft. Willow Creek Center anchored by Kohls and Office Max in Glenview IL signed a seven-year non-recourse $12.25 million loan with carveouts with a 50% loan-to-value ratio. Owners of a Walgreens-anchored 23 000 sq.ft. strip center in Elgin IL obtained a $1.9 million 10-year non-recourse loan with carveouts on a 30-year amortization schedule with a 70% loan-to-value ratio.
L.J. Melody & Co. (713-787-1920) has arranged $41 million in permanent fixed-rate financing from Deutsche Bank for the 610 000 sq.ft. Panama City Mall in Panama City FL operated by Panama City Associates. The mall is anchored by Dillard’s Sears and JC Penney.
Holliday Fenoglio Fowler L.P. (561-241-6500) arranged a $12 million loan for Selig Enterprises Inc. to refinance the Palmetto Park Square in Boca Raton FL. The 20-year fixed rate financing was secured through Jefferson Pilot Life Insurance Company. The 192 187 sq.ft. center is located on West Palmetto Park Road and is anchored by Kmart Publix and the United States Postal Service.
Casual Male Corp. (781-828-9300) has received final approval from the United States Bankruptcy Court for a $135 million debtor-in-possession loan to be used for ongoing operations. The funding is being provided through Fleet Retail Finance Inc. a unit of FleetBoston Financial and Back Bay Capital Funding LLC.
Martin Capital Group (270-354-6394) offers small commercial loans ranging in size from $600 000 to $3 million. The company’s small loan program entails long term fixed-rate non-recourse deals with interest rates between 7.4% and 8.25%. A 10-year balloon with a 25-year amortization period is typical. The minimum DSCR is 1.30.
Marabella Commercial Finance (760-741-0800) is offering a fully amortized program for Walgreen Properties at a current estimated loan rate of 7.625% to 7.775%. Lease and loan programs are available in 20 and 25-year terms with up to 75% loan-to-value ratio and minimum 115% to 125% debt service coverage ratios. Rates run at a maximum $200 to $225 psf.
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