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Sources of Financing
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Sources of FinancingJDI Realty (312-782-4550) offers financing for ventures from shopping centers to raw land. The Chicago-based company specializes in complicated and time-sensitive bridge loans. JDI offers the ability to close within one week. Loan amounts range from $1 million to $15 million plus. Loan rates vary from 12% to 17%, with fees ranging from 2% to 5%. LTV rates are 80% or less.
Realty Income (760-741-2111) has formed a mortgage services division. The company owns freestanding, single-tenant, net-leased properties and will now be able to provide more capital options for growth. The division will assist with all phases of financing and offers variety of programs to assure competitive rates. The company has provided financing for 72 chains in 23 industries in their 30-year history.
Center Trust (310-546-4520) repaid a $30 million exchangeable debenture at par. In connection with the repayment, the company entered into a loan with Sanwa Bank California secured by the El Camino North Shopping Center in Oceanside, CA. Under the terms of the loan agreement, the company borrowed approximately $25 million on a $38 million commitment. The balance of the commitment will be used to fund the redevelopment of the center. The loan bears interest at LIBOR plus 250 basis points and has an initial term of 28 months with two 12 month extension options. The balance of the proceeds of approximately $5 million necessary to repay the exchangeable debentures was funded through the company’s secured credit facility.
Martin Capital Group (270-354-6394) is offering credit lease, acquisition financing and refinancing of net leased properties to Walgreens and Wal*Mart stores. The company has agressive terms and pricing.
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