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Sources of Financing
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Sources of Financing L.J. Melody & Co. (305-381-6424) arranged interim financing of $4.2 million for the refinancing of Fredericksburg Shopping Center, a 102,262 sq.ft. supermarket-anchored center located in Fredericksburg, VA. Terms of the interest-only financing include a 55% LTV, a 12-month term and a floor rate of 4%. The company also arranged permanent, fixed-rate financing of $11.5 million for Ridgehaven Mall in Minnetonka, MN. The 130,000 sq.ft., supermarket-anchored center is tenanted by Byerly’s, Barnes & Noble and Target. The company also arranged bridge financing of $10.35 million for the acquisition of 13 parcels of land that were assembled for the development of a Home Depot in Paterson, NJ. David Cronheim Mortgage Corp. (973-635-6800) secured permanent financing of $1.45 million for Farmingdale Plaza in New Britain, CT. The loan was placed for a 10-year term and an amortization of 25 years. The center is anchored by an 83,899 sq.ft. Wal*Mart and a Fleet Bank. |