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Sources Of Financing
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Sources Of FinancingMarabella Commercial Finance (760-741-0800) specializes in small-loan financing of single tenant properties beginning at $400,000. Financing is at a fixed rate (typically between 8.20% and 9%) and non-recourse. Terms are typically 10 or 15 years with amortizations between 20 and 30 years. Presently, the company is seeking to finance credit lease transactions for the following tenants: Walgreens, Wal*Mart, Winn-Dixie, Target, Lowe’s, Home Depot, Best Buy and OfficeMax.
Nassimi Realty Inc. (610-687-0807) refinanced Cedarbrook Plaza, a 520,000 sq.ft. shopping center in the process of "de-malling" and conversion to a power center located in suburban Philadelphia, PA. The center is currently anchored by Big Kmart, Pathmark, Toys ‘R’ Us, AJ Wright and Frank’s Nursery. The company also refinanced Botany Plaza, a 200,000 sq.ft. shopping center anchored by Pathmark and Kmart located along the Passaic River in Clifton, NJ. The center is currently 100% leased. Credit Suisse First Boston Mortgage Capital LLC provided the mortgage on both properties, and the Winbrook Realty Group represented the owner in both transactions.
The Capital Resource Group, Sanderhoff & Associates, Inc. (630-629-0408) offers two loan programs for NNN and NN leased properties with a BBB rating or better. The conventional real estate loan program (bank portfolio or conduit) provides up to 80% LTV on loans under $5 million, and up to 90% LTV on loans over $5 million. The credit tenant lease loan program requires 15 to 20 years remaining on the lease term. In this case, loans can be greater than 100% of real estate value. Debt service can be as low as 1.003x, and loans are non-recourse. Funding typically occurs in four to eight weeks.
JP Morgan Mortgage Capital, Inc. (312-541-3630) of Atlanta, GA funded a $5.52 million loan to refinance Palm Johnson Plaza, a Winn-Dixie-anchored shopping center in Pembroke Pines, FL. The loan was completed in 42 days and has a 10-year term with a 30-year amortization schedule. Terranova Corporation of Miami, FL arranged the financing. The company also funded a $9 million loan to finance Eastgate Station shopping center, anchored by Michael’s and located in Cincinnati, OH. The fixed rate, ten-year loan was arranged by the Lexington office of the Mortgage Company of Kentucky.
Bank of America () extended $1 billion to CNL American Properties Fund in equity and credit lines, creating a new entity called CNL Franchise Network LP.
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