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Sources Of Financing
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Sources Of FinancingBank of America (410-605-5428) offers permanent financing for stabilized, income-producing commercial properties of many types including shopping centers, golf courses and mini-storage facilities.
Martin Capital Group (270-354-6394) offers financing for a variety of freestanding properties tenanted by investment grade tenants (S&P rating of BBB- or better) located throughout the U.S. in stable or improving markets. Fixed rate loans based on credit quality of $1.5 million to $100 million are available on bond, NN and NNN leases. Self-amortizing loans are typical, but longer amortizations are considered on a case-by-case basis. LTV ratios are up to 100% with debt service coverage ratios 1.00x - 1.05x. Loans are typically assumable on an unlimited basis, and loan rates are based on a spread over U.S. treasuries.
CIT Group/Business Credit (213-613-2400) and Foothill Capital Group (310-453-7300) received court approval to fund a $50 million debtor-in-possession agreement for Strouds, Inc. during its voluntary restructuring under Chapter 11 bankruptcy protection. Strouds filed for Chapter 11 protection during September and continues to operate its specialty linen, bed bath, tabletop and other home textile stores.
MortgageCap Financial (212-631-4272) offers financing for single-tenant properties of $500,000 to $100 million across the U.S. including AK. Both credit and non-credit tenants are of interest. Loan terms are as long as 10 years with amortization schedules running as long as 25 years, even if the lease term is shorter. Hang-outs are permitted.
Alliance Capital Group (281-319-0874) offers loans of a minimum of $10 million with no maximum to developers, builders and borrowers that have an acceptable project. Loans are non-recourse, blended debt and equity with interest only payments. The interest rate is currently fixed at 275 points over the 10-year U.S. Treasury rate, and loan terms run two to five years. Projects in the U.S., Canada and the Caribbean are of interest.
L.J. Melody (704-343-2777) arranged $19.5 million in construction financing for Phase II and permanent financing for Phase I of Providence Commons Shopping Center, a 70,800 sq.ft. shopping center located at Providence Road and Ballantyne Commons in Charlotte, NC. Anchors include Harris-Teeter. Construction on Phase II, which will consist of a 120,500 sq.ft. Lowe’s home improvement store, is expected to be completed during April 2001. The loan term runs 10 years.
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