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Sources of Financing
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Sources of Financing David Cronheim Mortgage Corp. (973-635-6800) secured $650,000 in permanent financing for 246-250 Larkfield Road in East Northport, NY. The loan was placed for a 10-year term on behalf of the borrower. The 13,075 sq.ft. strip center is 92% occupied and located on 32,360 sq.ft. Tenants include Kam Long Restaurant, Rocka Fellas, Bell Travel, Antiques and Collectibles, Chamber of Commerce, Karate School and a nail salon. In addition, the company is looking to finance Walgreens NNN lease transactions for borrowers seeking maximum leverage nationwide. Maximum LTV is 100% with a fixed interest rate of 7.6% for the full term of the loan. All loans are nonrecourse, self-amortizing and have 1.01 DSCR. The company also is offering high leverage credit tenant lease financing programs for properties net leased to investment grade tenants nationwide. The minimum loan amount is $2 million and all loans are nonrecourse and self-liquidating with leverage of up to 100%. Preferred tenants include Kohl’s, Target, Wal*Mart, Home Depot, Walgreens with a new NNN lease, Lowe’s, Verizon, Best Foods, Burger King and McDonald’s. The Nonagan Corp. (727-381-4011) is offering commercial loans, construction loans, rehabilitation money, short-term loans and bridge loans for builders and developers of distressed properties with low LTV and fast approval. Loans are available between $70,000 and $1 million.L.J. Melody & Co. (412-471-9660) arranged a $53.25 million financing for the Capital City regional mall in Camp Hill, PA. The 600,000 sq.ft. mall is anchored by Sears, JCPenney and Hecht’s. Morgan Stanley provided the funding, which includes a two-year interest only strip, on behalf of Crown American Realty Trust. L.J. Melody & Co. also arranged a $11.2 million financing for the Springfield Park retail center in Lawrenceville, GA. The 192,000 sq.ft. center is tenanted by Hobby Lobby, LA Fitness and Hancock Fabrics. Salomon Smith Barney provided the funding on behalf of Springfield Park LLC. The company also arranged a $68 million financing for a portfolio of six shopping centers totaling 825,500 sq.ft. The properties are located in AZ, CA, OR and WA. Anchor tenants include Home Depot, T.J. Maxx, Pier 1 Imports, Ross ‘Dress for Less’ and Vons Pavillions. Prudential provided the funding on behalf of Center Trust.Financial Associate Enterprises (540-772-3888) has creative financing opportunities for joint venture and private lender funding worldwide. Preferred projects include acquisition, development, construction, raw land, bridge loans, strip centers and enclosed malls with or without anchors. The nonrecourse loans have LTV rates of 95% with 12% interest rates depending on credit ratings. Loan amounts of $1 million and more are available. A first deed of trust is required for collateral. M. Robert Goldman & Co. (973-467-5151) arranged $12.8 million in permanent financing for an 87,999 sq.ft. shopping center in Centereach, NY. The 25-year fixed rate loan replaces the original acquisition and construction loan that was used to acquire and convert the 9.68-acre site from an unanchored strip center to a grocery-anchored center. The transaction was placed with GE Financial Assurance for the center’s owners, Basser-Kaufman. The 100% leased center is anchored by Waldbaum’s supermarket and other tenants include AutoZone, KFC, Starbucks and Voicestream.
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