Sources Of Financing
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Sources Of Financing


Legg Mason Real Estate Services (704-554-7881) arranged first mortgage financing of $14.5 million for Silas Creek Crossing, a 160,240 sq.ft. center located in Winston-Salem, NC. Financing was based on a 10-year term with an amortization of 30 years. The company also arranged first mortgage financing of $1.2 million for North Haledon Shopping Center located in North Haledon, NJ. Financing was based on a five-year term with an amortization of 20 years. The 35,863 sq.ft. center is anchored by Super Foodtown.The company also arranged financing of $8.5 million for Cloverly Towne Center, a future 65,000 sq.ft. mixed-use property located in Silver Spring, MD. Financing was based on an 18-month construction loan to be taken out by a 10-year first mortgage loan with an amortization of 25 years. The project is being developed adjacent to a Safeway supermarket. The company also arranged financing of $2 million for Ford’s Landing, a 19,809 sq.ft. facility in San Antonio, TX. Ford’s Landing is a retail property as well as a mini-storage facility. Financing was based on a 10-year term with an amortization of 25 years.

Silo Financial (203-869-3999) offers bridge loans from $150,000 to $5 million for terms of three months to three years, fixed and floating rate loans, flexible prepayment provisions and interest-only and amortization.

L.J. Melody & Co. (704-927-1453) arranged permanent financing of $10.65 million for the following two centers in NC: Northfield Shopping Center, a 41,000 sq.ft. supermarket-anchored center in Whiteville, and Biltmore Station, a 106,000 sq.ft. mixed-use redevelopment center in Asheville. The company also arranged permanent financing of $30 million for a Dunhill Holdings portfolio of retail properties in Dallas, TX. The portfolio, which was entirely composed of community retail centers, had a net-rentable area of more than 277,000 sq.ft. The company also arranged permanent, fixed-rate financing of $41.12 million for a portfolio of 17 retail properties throughout TX and LA. The portfolio, which was entirely composed of Eckerd Drug stores, was financed for a 10-year term based on a 25-year schedule. The company also arranged permanent financing of $10.65 million for Bell Tower Village in Phoenix, AZ. The 165,000 sq.ft. center is tenanted by Walgreens, World Gym, First Arizona Savings and Jeepers, Inc. The company also arranged permanent financing for Lakewood Pavilion, a 91,075 sq.ft. center located in Lakewood, WA. Tenants include Petco, Rite Aid, Starbucks, Countrywide Mortgage, Baja Fresh and a Washington State Liquor Store.

Integrity Financial Group (877-460-3863) provides small commercial loans up to $750,000 with 90% CLTV for mixed-use properties, automotive/industrial and office/warehouse and retail sites. The company offers terms up to 30 years with 10% cash down. The company also offers conventional and unconventional real estate loans from $400,000 to $6 million. Conventional terms include an amortization of 15 to 20 years, LTVs up to 75%, CLTV of 90% and rates from 6.99% to 16.5%.

Newman Financial Services (215-328-3383) closed on $40.8 million in senior and junior loans to provide Steadfast Commercial Properties acquisition and renovation financing for SeaTac Mall located in King County, WA. The one-story, 736,000 sq.ft. mall is situated on a land area of 81.8 acres and has four anchor tenants and numerous inline tenants. Approximately $9.5 million will be invested in the renovation of the property. The total project costs are approximately $51 million and SPG’s loans represent 80% of total capitalization.

Cronheim Mortgage (973-635-6800) secured permanent financing of $10.525 million for a parcel in Montville, NJ that is leased to a Home Depot. The loan was placed for a 30-year term and amortization for the borrowers, Triangle 46 Properties, LLC. The property is located at the intersection of Route 46 East and Bloomfield Avenue. The property will encompass a land area of 13.38 acres and is located within three miles of Willowbrook Mall, a regional enclosed mall anchored by Macy’s, Bloomingdale’s and Lord & Taylor’s. Area demographics include a population of 150,357 within three miles earning $104,227 as the average household income.

NewMark Merrill Cos. (818-996-0700) completed a $1 million remodeling and repositioning of Bristol Warner Village. Upon completion of the project, the company refinanced the project with CIBC for an $8.4 million loan. The 83,621 sq.ft. center is located at the intersection of Bristol Street and Warner Avenue in Santa Ana, CA and is anchored by 99 Cents Only Stores, Hometown Buffet, Kragen Auto Parts, Chevron, Hollywood Video and Susie’s Deals.