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Sources of Financing
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Sources of Financing Delta Financial Services (317-244-9540) has $250 million available for immediate financing, refinancing, acquisitions and construction on properties, such as auto care centers, car washes, childcare centers, convenience stores, fitness centers, gas stations, movie theaters, outlet centers, regional malls, restaurants and anchored, single-tenant and unanchored retail. Cohen Financial (312-803-5683) secured $1.5 million in debt placement for a retail property in Jacksonville, FL. Located at 27 South 32nd Avenue, the property is tenanted by Tractor Supply Co. The 15-year loan is nonrecourse with a 15-year amortization schedule, 80% LTV ratio and pricing based on the 10-year U.S. Treasury Index. The lender was a life insurance company. The company also secured $500,000 in capital improvement financing for a 44,314 sq.ft. retail facility located in Valencia, CA. The six-year, full-recourse loan includes no amortization schedule, 75% LTV ratio and pricing based on the one-month LIBOR. The lender was Cohen Financial. In addition, the company secured $1.5 million in debt placement for a ground lease tenanted by Wal*Mart, located at East State Street in Athens, OH. Terms of the 18-year fully amortized, nonrecourse loan include a 100% LTV and price based on the 10-year U.S. Treasury Index. The lender was a correspondent life company. Cohen Financial also secured $4.22 million in construction financing for a 14,490 sq.ft. property tenanted by Walgreens, located at Alpharetta Highway in Roswell, GA. Terms of the 18-month loan include no amortization schedule, 90% LTV ratio and pricing based on the one-month LIBOR. Also, the company secured $8 million in debt placement for a 492,607 sq.ft. retail property located at Indian Trail and Route 30 in Aurora, IL. Terms of the five-year loan include no recourse or amortization schedule, a 50% LTV ratio and pricing based on the five-year Treasury. In addition, the company secured $24,170,648 in debt placement for a 210,000 sq.ft. retail facility located at 329-391 Gellert Boulevard in Daly City, CA. Terms of the three-year loan include an 80% LTV ratio and pricing based on the six-month LIBOR. Also, the company secured $1,527,915 in debt placement for a 13,825 sq.ft. Walgreens in Cape Coral, FL. Terms of the 10-year full-recourse loan include a 14-year amortization schedule, 80% LTV ratio and pricing based on the three-month LIBOR.Wachovia Securities (713-278-4310) 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. Marabella Commercial Finance, Inc. (760-741-0800) closed on $3.73 million in permanent financing for Walgreens. The 10-year loan has a fixed-interest rate of 7.49%, 30-year amortization and a 1% loan fee. The company also arranged $877,000 in permanent financing for Mimi’s Cafe. Terms of the 10-year loan include 25-year amortization and a fixed-interest rate of 8% for five years and then 3.5% over five-year CMT. Financial Associate Enterprises (540-772-3888) is offering commercial loans nationwide. For anchored retail properties, the company is offering a rate from 6.74% to 7.31%, 80% LTV, 1.25 DSCR, loan terms of 10 years or 15 years and amortization of 25 years or 30 years. For unanchored retail properties, the company is offering a rate from 7.61% to 8.51%, 75% LTV, 1.30 DSCR, loan terms of 10 years or 15 years and amortization of 25 years or 30 years. For gas stations or convenience stores, the company is offering a rate of 7.55% to 8.4%, 75% LTV, 1.30 DSCR, a loan term of 20 years or 25 years and amortization of 20 years or 25 years. For mixed-use properties, the company is offering a rate of 7.85% to 8.56%, 75% LTV, 1.30 DSCR, a loan term of 15 years or 20 years and amortization of 15 years or 20 years. The company also is offering bridge and mezzanine loans and financing for construction, and raw land. CRIC Capital (617-303-4400) is offering investment opportunities for properties, such as existing and to-be-built retail and single-tenant commercial real estate. The company provides 100% financing with off-balance sheet transaction, financial flexibility, enhanced financial statements, operational control, low after-tax cost, inflation protection and enhanced depreciation. The company funds new construction, including the cost of land acquisition. Capital Needs Network (818-247-1093) is offering 90% commercial and industrial loans from $100,000 to $5 million with a 25-year amortization. The company is interested in single and mixed-use property types, such as restaurants, car washes, gas stations, and auto repair shops. Loans are available with LTV up to 90% of total project cost, including purchase price, remodeling, fixtures, equipment, fixtures and loan costs. Urban Investments Advisors LLC (204-478-4600) closed on a $50 million construction loan arranged by Mellon United National Bank and participated with Commercebank, NA for 55 Miracle Mile and One Aragon, a 309,000 sq.ft. mixed-use project in Coral Gables, FL. The project, which is slated for completion in Fall 2003, will include shops, restaurants and office space, as well as luxury apartments. |