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Sources Of Financing
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Sources Of Financing
The Chicago, IL office of JP Morgan Mortgage Capital (312-541-3630) recently funded a $21.9 million loan to finance the Trace Fork Shopping Center, anchored by Lowe’s, Marshalls and Circuit City and located in Charleston, WV. The fixed rate loan was written for a 10-year tem and a 30-year amortization.
The Ackman-Ziff Real Estate Group, LLC (212-697-3333) closed a $16.8 million construction loan for a 67,000 sq.ft. freestanding Stop & Shop supermarket located at the intersection of Route One and Bridgeport Avenue in Milford, CT.
Bear Stearns Commercial Mortgage, Inc. (212-272-9410) provided a $3 million fixed rate loan through Carey, Pettit & Panchelli on an unanchored 15,833 sq.ft. property in Narberth, PA. The loan was underwritten at a 75% LTV and has a 10-year term with a 30-year amortization. The company also provided a $22.6 million fixed rate loan through Rubin Pachulski Properties on a 156,340 sq.ft. property anchored by United Artists Theater located in Long Beach, CA. The loan was underwritten at a 74.26% LTV with a 10-year term with a 30-year amortization.
L.J. Melody & Company (415-772-0123) arranged $15.5 million in permanent financing for The Marketplace, a 112,500 sq.ft. shopping center anchored by Safeway, Longs Drugs and Big 5 Goods. The company also arranged $19 million in fixed rate financing for Northwoods Marketplace shopping center, a 192,319 sq.ft. center anchored by PETsMART, Linens n’ Things, Old Navy and Barnes & Noble and located on Highway 78-52 in Charleston, SC. J.P. Morgan Mortgage Capital Inc. provided the financing.
Lutz Capital Corporation (248-539-7800) arranged $9 million in acquisition financing for Harbor Investments, LLC, placed on Eastlake Commons Shopping Center, a 99,100 sq.ft. shopping center anchored by Farmer Jack’s and CVS and located on M-59 in Sterling Heights, MI. The 10-year loan carries a 30-year amortization and was placed through the lender, Deutsche Banc Mortgage Capital.
DS Capital Global Mortgage Source (631-439-4000) funds new acquisitions and construction, offers debt consolidation and debt refinancing. Loans are typically greater than $1 million, with aggressive LTV rates.
FINOVA Realty Capital, Inc. (877-825-4813) offers a bridge loan program primarily targeted at transactions that do not currently qualify for permanent financing. Loan purposes include acquisition, refinancing or renovation; construction loans will be considered on a case by-case basis. Loans typically range from $5 million to $30 million with a term of two to four years. LTV 80% on as-is property, 75% stabilized, with rates spread over 30-day LIBOR. Debt service coverage on initial funding is 1.15 to 1.20x with interest only on current floating rate; stabilization 1.25x with a 25 to 30 year amortization on projected permanent rate.
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