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Sources of Financing
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Sources of Financing Johnson Capital (310-286-7400) arranged $13.6 million in acquisition financing for a 97,264 sq.ft. site in Visalia, CA. Lee & Associates represented the buyer, JMWHP Visalia, LLC, on the $16.78 million acquisition. The loan was a 10-year fixed-rate loan at a rate of 5.81%. The first five years of the loan are interest-only with the remaining five years at a 30-year amortization schedule. The center is tenanted by Jo-Ann’s Stores, dd’s Discounts, Petco and Anna’s Linens.
The Lending Source, LLC (678-904-1175) closed a commercial real estate loan for achoo! Allergy & Air Products, Inc., a retailer of allergy, asthma and sinus relief products. The company offers conventional financing for all commercial property types, from investment properties to owner-user facilities.
NY Urban (212-527-7105) offers hard money loan programs, including bridge and mezzanine programs, of between $500,000 and $5 million for multi-family, industrial, office and retail properties, as well as land acquisitions. First and second mortgage and mezzanine debt loans are available. Loan terms range from six months to two years with interest rates of 12% to 15% and maximum loan-to-value of 90%.
Grosvenor Investment Management US, Inc. (415-434 0175) provided Pennsylvania Real Estate Investment Trust $14.5 million in equity for the $150 million redevelopment project, Voorhees Town Center. Grosvenor Investment Management partnered with The Dewey Cos. in the transaction. The project will house 1.2 million sq.ft. of retail space and is located in Voorhees, NJ.
GMAC Real Estate (646-442-3231) offers commercial loans ranging from $1 million to $2 billion. Loan terms are 10 to 15 years and include mezzanine and bridge loans, as well as non-recourse loans. International loans must be at least $5 million. |