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Sources Of Financing
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Sources Of Financing GMAC Commercial Mortgage Corp. (215-328-3842) provided $25 million in permanent, fixed-rate financing for phase one of Columbus Commons, a center located at the intersection of Columbus Boulevard and Snyder Avenue in Philadelphia, PA. The center is anchored by a 315,000 sq.ft. IKEA and a 161,000 sq.ft. Lowe’s Home Improvement. Cotenants include a 30,000 sq.ft. Best Buy, a 35,000 sq.ft. Linens ‘N Things, a 12,800 sq.ft. R&S Strauss and a 10,700 sq.ft. Pier 1 Imports. In addition, the property has various outparcels for a total of 601,000 sq.ft. in phase one.
David Cronheim Mortgage Corp. (973-635-6800) secured financing of $3.3 million for a 125,287 sq.ft. center located in Balch Springs, TX. The loan, placed with AmerUS Life Insurance Co., has a term of 10 years and an amortization of 25 years. The center is situated on a land area of 12.128 acres and contains three tenants, each in its own freestanding building. Home Depot occupies 114,657 sq.ft. in a space formerly occupied by Kmart. The other two tenants are Blockbuster Video and Grandy’s, a regional restaurant chain. The center is located on Elam Road, adjacent to Interstate 635. Area retail includes Eckerd and numerous fast food restaurants.
M. Anthony H. & Associates (518-433-0865) offers loans for mixed-use properties, refinance, SBA financing, business loans, office buildings and any worthwhile project with first and second mortgages. The company offers fixed rates of 15 to 30 years, up to 95% LTV, adjustable rate mortgages, commercial refinancing, business finance loans for the acquisition of foreclosed properties, condominiums, one-to-four family homes, residential, business financing, business start-ups, construction loans and business expansion. The retail sites include freestanding locations, supermarkets, convenience stores, drug stores, department stores, bakeries, beauty shops, strip centers and neighborhood and community shopping centers.
The Madison Group (435-785-8350) offers the following loan types: hard money, commercial refinance, acquisition, construction, rehab/renovation, land development, bridge/mezzanine and SBA/USDA for apartment buildings, mixed-use centers, commercial office buildings, strip centers, industrial/warehouse locations, automotive shops, hotels/motels/bed and breakfast, land development, anchored and unanchored retail, mini-storage and golf courses and marinas. Commercial loans vary from $500,000 and up, while hard money loans go from $250,000 and up.
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