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Sources Of Financing
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Sources of Financing CBL & Associates Properties, Inc. (423-855-0001) replaced two lines of credit with a $255 million secured credit facility with a group of banks led by Wells Fargo Bank. The new credit facility, which matures in 2007, includes a one-year extension and bears interest at a rate of 100 basis points over LIBOR. The facility replaces a $130 million secured line of credit. Martin Capital Group (270-354-6394) is offering equity capital for ground-up development and value-added projects in the retail, multifamily, industrial and office markets. Investments will be made in projects that exceed $10 million. The investor will provide up to 100% of the equity required for a project depending on factors, including credit quality of tenants, preleasing prior to funding and location of the property. The company prefers terms of two and four years and up to 100% equity.Glimcher Realty Trust (614-621-9000) completed mortgage financing for Artesian Square, a 196,000 sq.ft. center located in Martinsville, IN. The new debt consists of a $5 million mortgage maturing during March 2005 that bears interest at a rate of LIBOR plus 1.95% resulting in an initial interest rate of 3.29%. The center is anchored Wal*Mart and Kroger.American Mortgage Banc (540-981-1249) offers financing from $250,000 to $3.5 million with rates as low as 5.75% for terms of 20/25 years and LTV’s of 50% to 70%. The company offers financing for office/warehouse, medical office, hotel/motel, assisted living facility, gas station/convenience stores, car wash, auto repair shop, restaurants, small retail centers and mixed-use facilities. Legg Mason (704-554-7881) arranged 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 financing of $1.45 million for 2730 Delaware Avenue, a 9,971 sq.ft. retail space located in Buffalo, NY. The company also arranged first mortgage financing of $1 million for a 4,500 sq.ft. Tsunami Restaurant in East Hampton, NY. The company also arranged financing of $600,000 for a 10,000 sq.ft. Advance Auto located in Rotterdam, NY. Financing was based on a 10-year term with an amortization of 20 years. The company also arranged first mortgage financing of $7.65 million for Retreat Village Shopping Center, a 108,244 sq.ft. center, located in St. Simons Island, GA. The company also arranged financing of $2.7 million for Brentwood Square Shopping Center, a 34,077 sq.ft. center located in Washington, DC. Alliance Limited (713-789-7425) assists developers in obtaining capital for a wide variety of short-term real estate financing needs through a consortium of the nation’s bridge and mezzanine funds. Here are some of the sources the company uses to fund deals: private investment funds, REITs, pension funds, commercial banks, FNMA, FHLMS, HUD and equity firms. Marabella Commercial Finance, Inc. (760-741-0800) arranged financing of $1.35 million with an LTV of 55% and a 6.75% fixed interest rate. The company arranged an amortization of 25 years and a term of 10 years. GMAC Commercial Mortgage Corp. (215-328-3383) provided $10 million in fixed-rate financing for Olympic Gateway Plaza, a 142,104 sq.ft. center situated on a land area of 13.65 acres in Aberdeen, WA. The center is tenanted by Michaels, Staples, Ross Blockbuster Video, Dollar Store, Subway and Payless ShoeSource. The C Michaels Co. (843-364-0039) offers hard money and bridge loans for most income-producing and commercial property types throughout the continental U.S. The company offers loans from $200,000 to $5 million with loan terms of one to three years and LTV of 65%. |