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Sources of Financing
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Sources of Financing Center Trust, Inc. (310-546-4520) secured $68.7 million in long-term financing on mortgages for Ross Plaza in Clackamas, OR; Silverdale Shopping Center in Silverdale, WA; Vancouver Park Place in Vancouver, WA; Mountain Square in Upland, CA; Fire Mountain Shopping Center in Oceanside, CA and Randolph Plaza in Tuscon, AZ. The six mortgages, which are not cross-collateralized or cross-defaulted, have 10-year terms with 30-year principal amortization. The weighted-average fixed interest rate on the mortgages is 6.94%. NorthMarq Capital (952-356-0100) secured permanent financing for the 17,674 sq.ft. West Belt Shopping Center in Houston, TX. West Belt Shops Ltd. signed off on a 10-year loan with 30-year amortization at a 7.32% interest rate. The center is anchored by an Albertson’s and also is tenanted by Hollywood Video, Hallmark Cards, Subway and Starbucks. Martin Capital Group (270-354-6394) is offering loans on single tenant retail properties occupied by investment grade corporate tenants with an S&P rating of BBB- or better on bond, NN or NNN leases. Borrowers receive the maximum financing possible with fixed-rate, self-amortizing loans up to 100% of the value of the property with a debt coverage ration as low as 1.00x. Loan amounts range from $1.5 million to $200 million on single properties or large portfolios located in stable or improving markets nationwide. Crown American Realty Trust (814-536-4441) closed a $53.3 million 10-year mortgage loan with Morgan Stanley Bank that is secured by a mortgage on the Capital City Mall in Harrisburg, PA. The mall is anchored by Hecht’s, Sears and JCPenney. The loan bears interest at an annual fixed rate of 7.6% and is interest-only during the first two years and then amortizes during the last eight years based on a 28-year amortization schedule. Some proceeds from the loan were used to prepay an existing mortgage on the mall and for loan closing expenses and various loan reserves. Venture West Funding, Inc. (310-364-3131) arranged an $8 million loan on Fireside Plaza, an upscale street retail center located in Santa Monica, CA. The 21,767 sq.ft. project is an upscale street retail shopping center located at 1401-1427 Monica Avenue. The building is fully leased an major tenants include Peet’s Coffee and Wild Oats Market, a gourmet grocery supermarket. First Federal Bank of California provided the loan to PW/Christina-Fireside Plaza, LLC. |