|
Sources Of Financing
|
|
|
Sources Of Financing
Lincoln Capital (501-224-2319) offers a fixed-rate loan program for commercial properties. Loans are a minimum of $1 million with a 25-year amortization at a ten-year call. Rates vary according to a debt service coverage ratio of 1.25:1 with 75% LTV (anchored), and 1.3:1 with 75% LTV (unanchored).
Center Trust, Inc. (310-546-4520) obtained a $200 million secured credit facility with GE Capital Real Estate. The new facility replaces the company’s previous credit facility which would have matured at year’s end and included a required paydown of $85 million by June 2000.
Citibank extended a $1 billion line of credit to Rite Aid, which will provide the drugstore chain with more than $600 million in general working capital with the remainder to be used to pay down existing debts. The line of credit is also being underwritten by Fleet Retail Finance and Heller Financial.
Paragon Capital LLC (212-742-1500) extended a $30 million line of credit to Store of Knowledge to allow the company to integrate the 21 Learningsmith locations it purchased earlier this year.
The First American Financial Corporation (714-800-4000) approved an investment of up to $1 million in RE3W, Inc. The latter company is a newly-formed real estate firm designed to provide tools and information necessary to originate, negotiate and conclude real estate transactions online. The company will operate principally from its Web sites www.RE3W.com and www. RealEstateWorldWideWeb.com.
Weil/Chazen Realty Advisors, Inc. (617-210-6821) raises private equity for strategic alliances, recapitalizations of companies and portfolios and for large one-off transactions. Its clients are mainly real estate companies. The company also develops and writes business plans and investment proposals and arranges capital transactions.
Mortgage Resources (408-243-4124) provides commercial mortgage loans on various types of commercial real estate properties. The company will consider insurance quality properties (with amortizations of up to 30 years) and lower grade properties (with amortizations of up to 25 years). The company also offers special conduit programs and special loan programs for properties located in CA.
|