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Sources of Financing
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Sources of Financing Wachovia Securities (713-278-4310) provided financing on the $45 million Harden Ranch Plaza in Salinas, CA with an interest rate of 7.12%. The deal has a DSCR of 1.20. The company also arranged financing for the $6 million Kings Ridge Shopping Center in Clearmont, FL with an interest rate of 6.95%. The deal has a DSCR of 1.40. The company also closed on a $4.5 million loan for Deerfield Square, an anchored retail center in Alpharetta, GA. Terms of the 10-year loan include a rate of 7.16%, 30-year amortization and a DSCR of 1.25. The company also closed on a $4.05 million loan for North Delray Commons, an anchored retail center located in Delray Beach, FL. Terms of the 10-year loan include a rate of 7.09%, 30-year amortization and a DSCR of 1.21. David Cronheim Mortgage Corp. (973-635-6800) arranged a permanent loan of $1.6 million for the acquisition of a strip center located at the intersection of 1810 New York Avenue, Route 110 and the Jericho Turnpike in Huntington Station, NY. The loan is based on a 10-year term with a 20-year amortization period. The center, which is on a land area of two acres, is anchored by Hollywood Video and Carvel. Area demographics include a population of 65,216 earning $74,912 as the average household income. Legg Mason (716-262-2100) arranged a first mortgage loan of $3.75 million for the 67,500 sq.ft. Ridgeview Plaza located in Irondequoit, NY. The financing was based on a 12-year term with an amortization of 12 years. The center is cotenanted by Rochester General Hospital and Boat US Marine Center. The company also arranged a first mortgage loan of $3 million for a 114,232 sq.ft. BJ’s Wholesale Club located in Henrietta, NY. The financing was based on a 10-year term with an amortization of 10 years. BJ’s is cotenanted with Delta-Sonic Car Wash. L.J. Melody & Co. (770-730-3672) arranged permanent, fixed-rate financing in the amount of $14.3 million for the 151,000 sq.ft. Wellington Marketplace in Wellington, FL. GE Capital provided the funding on behalf of Flag Wharf, Inc. The center’s anchors include a 46,475 sq.ft. Winn-Dixie and a 13,500 sq.ft. Walgreens. Silo Financial (203-869-3999) arranges bridge loans, business loans and hard money loans for opportunistic, problematic, time sensitive and other hard-to-finance requirements at the interest rate of 13%. The company considers most property types with six to 24-month loan terms from $200,000 or more. The company has a flexible prepayment and usually closes within two weeks. |