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Sources of Financing
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Sources of FinancingCohen Financial (813-282-8771) secured $5 million in debt placement for Conway Plaza, a 119,000 sq.ft. retail center situated on 17 acres and located on Curry Ford Road in Orlando, FL. The center is anchored by Publix. The loan is for five years with a 75% LTV ratio based on LIBOR. The lender was a national life insurance company. The buyer was an REIT with a national portfolio.
International Financing Corporation (215-523-9800) provides non-recourse, fully amortizing loans at a fixed rate, which are secured individually by a property and its income. Borrowers retain the full benefit of any rent increases, as well as the residual value of the property. Borrowers are not restricted by cross-default language or loan-to-value covenants, and the loans can be transferred to qualifying purchasers upon sale of the asset. The company also provides development financing for properties pre-leased to quality tenants, and can provide sale-leaseback financing for existing properties.
Textron Financial Corporation (888-722-3863) has committed to a $40 million credit for Checkers Drive-In Restaurants, Inc. The transaction was expected to close by press time. Checkers plans to use a portion of the facility to retire 9.875% senior notes slated to mature recently. Citicorp Franchise Advisory Services served as advisor for the transaction.
Legg Mason Real Estate Services (215-496-3000) arranged a $9 million first mortgage for the 300,000 sq.ft. Trexler Mall located in Trexlertown, PA, and a $6 million first mortgage for the 73,000 sq.ft. Priestbridge Center in Crofton, MD.
Petroleum Realty Investment Partners (305-536-1300) funded the purchase of 41 Conoco gas stations in Atlanta, GA by USA Grocers. The total sale-leaseback funding totaled $33 million. The company has a $300 million credit facility agreement with Lehman Brothers to purchase gas stations, convenience stores and related entities.
Terranova Corp. (305-358-8700) arranged for the $5.5 million refinancing of Palm Johnson Plaza, a 90,222 sq.ft., 93% occupied, Winn-Dixie-anchored center in Pembroke Pines, FL.
Alford, Marsh & Associates (803-939-0980) is funding bridge loans of up to 85% LTV in the amounts of $500,000 to $15 million and participating loans up to 90% LTV. Loans are secured by first and second mortgages on income producing real property located nationwide. All income producing real property including shopping centers and single tenant net-leased properties can be financed with no prepayment penalty and interest rates floating over prime.
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