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Sources Of Financing
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Sources Of Financing Marcus & Millichap Real Estate Investment Brokerage Co. (925-979-9810) arranged $7 million in financing on a 132,220 sq.ft. center located in Murrieta, CA. The center, located at the intersection of Madison and Murrieta Hot Springs, is shadow-anchored by Wal*Mart and Home Depot. Tenants include Big Lots, 99 Cents Store, Big 5 Sporting Goods and PetsMart. The financing was provided through a conduit lender at a 65% LTV. The fixed interest rate is 5.75% for 15 years with an amortization of 15 years. Tremont Realty Capital (617-867-0700) provided financing for the acquisition of Prestonwood Place, a 162,000 sq.ft. center located at the intersection of Belt Line Road and Montfort Drive in Addison, TX. The $13.96 million loan was funded through Tremont’s affiliate, CapitalSource. The three-year, non-recourse, first mortgage loan provided for approximately 89% loan to cost with a floating rate of interest. The property was approximately 60% occupied at the time of closing. The primary vacancy in the center is a two-story building, formerly occupied by Service Merchandise. Major tenants include Bennigan’s, Steak & Ale and The Consignment Store. Northmarq Capital (215-496-3074) arranged a first mortgage financing of $13.5 million for the 36,117 sq.ft. Foxshire Shopping Center located in Lancaster, PA. The company also arranged first mortgage financing of $2.3 million for the 35,651 sq.ft. Woods Edge Shopping Center, also located in Lancaster. Both properties are unanchored strip centers. In each case, financing was based on a 10-year term with an amortization of 25 years and was arranged for the borrowers, Foxshire Limited Partnership and Route 30 Limited Partnership. The company also arranged a first mortgage financing of $2.7 million for Rainbow Village, a 27,844 sq.ft. center located in Tampa, FL. Financing was based on a 15-year term with an amortization of 30 years and was arranged for the borrower, Bayway Management, Inc. Tenants include Carraba’s and Pet Supermarket. The company also arranged first mortgage financing of $5.5 million for Sayreville Plaza located in Sayreville, NJ. Financing was provided at a 4.82% interest rate on a 15-year self-amortizing basis. Tenants include Eckerd and Farmer’s Market. The company also arranged acquisition financing of $13.09 million for Circuit City located in Dallas, TX. Financing was based on a two-year term with an amortization of 25 years and was arranged for the borrower, EWE Warehouse Investments XVII, Ltd.
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