|
Sources Of Financing
|
|
|
Sources Of Financing
Delta Financial Services (317-328-2208) has up to $250 million available for immediate funding of several varieties of commercial real estate properties including shopping centers, restaurants, auto dealerships, golf courses and day care centers. Loans are for $100,000 and up and may be used for purchasing, refinancing or new construction. Funds are also available for venture capital, accounts receivables, hard money and working capital.
L.J. Melody & Company (214-692-9111) arranged fixed-rate financing of $25.643 million for a portfolio of Dallas, TX-area retail properties owned by Dunhill Partners. Salomon Smith Barney and Dana Credit provided the funding.
Holliday Fenoglio Fowler (212-245-2425) arranged $21 million in permanent financing for Springfield Gardens Shopping Center, a 96,000 sq.ft. center in Queens, NY anchored by Pathmark, with tenants including Party City, Blockbuster and Payless Shoes. The center is owned by Mattone Group and the lender was Morgan Stanley Mortgage Capital.
JDN Realty Corp. (404-262-3252) lost access to a $200 million credit line proffered by its leading bank groups after disclosing that the company discovered problems with its financial records pertaining to compensation for two former executives and additional undisclosed matters. The financial problems lead to the resignation of several company executives and to default on the company’s main credit line. The banking group, led by Wachovia, asked for too much collateral for an extension of the credit line, which previously had been extended to the company on an unsecured basis. JDN Realty owns 114 shopping centers in 14 states, most of which are anchored by Wal*Mart, Taget, Lowe’s and Kroger.
Fleet Retail Finance Inc. (617-434-4059) arranged a $600 million credit facility for Service Merchandise Company, Inc. The financing package is comprised of two complementary components--a debtor-in-possession and emergence facility. The hope is that the financing will allow Service Merchandise to emerge from Chapter 11 bankruptcy protection it was granted during March 2000.
CMC Group , the company which owns the Vision Land Outlet Center and amusements park, was unable to procure funds from Colonial Bank to finance the facility due to what the bank deemed insufficient leases. In 1998, the bank approved a $14 million loan for CMC, but the company failed to meet certain of the terms of the loan, including a 70% preleasing requirement. The company is now negotiating with a NY company to manage the theme park and to temporarily assume its $5.1 debt., and is also attempting to put financing together with other banks.
Northgate Funding Co. (518-464-4448) specializes in hard-to-place commercial loans and non-traditional or conforming-type loans.
Suburban Capital Markets (301-838-9050) provided a $7.725 million first mortgage loan to PBSC, LLC to finance the Penn Branch Shopping Center, an 82, 970 sq.ft., three-story center located at the intersection of Pennsylvania and Branch Avenues in southeast Washington, D.C. The loan is for as ten year term based off of a 10-year U.S Treasury Bond Index.
|