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Sources of Financing
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Sources of FinancingTerranova Corporation (305-358-8700) originated a $9.2 million 10-year fixed rate loan to refinance the 96,041 sq.ft. El Mercado Shopping Center located at West 60th Street in Hialeah, FL. JP Morgan was the lender. The company also originated a $2.1 million five year, fixed rate loan with a five year option to refinance the 85,000 sq.ft. Quail Roost Trade Center located on Southwest 107th Avenue in Miami, FL. Eagle National Bank was the lender. The company arranged the sale of both properties to their current owners.
FINOVA (201-634-3383) provided Red Robin International with $50 million in financing to provide growth capital for the Red Robin’s nationwide expansion effort and to refinance an existing line of credit. The causal dining chain plans to open 25 to 30 restaurants in the coming year. In June, Red Robin received a $25 million investment from Quad-C, a private equity investment firm, and merged with its original franchisee, The Snyder Group, which operated 14 restaurants in CO and Eastern WA.
L.J. Melody (214-692-9111), the financing arm of CB Richard Ellis Corporation, arranged $12.35 million in permanent financing for the Hillside Village Shopping Center, a 166,000 sq.ft. center located in Dallas, TX. GMAC-CII provided the fixed-rate financing through the company, which represented the Tabani Group.
Edens & Avant (803-779-4420) completed a transaction that places approximately $250 million in growth capital in the company’s coffers. Both J.P. Morgan Investment Management and The New York State Teachers Retirement System will contribute the funds and join the ownership of the company, which also includes the State of Michigan Retirement System. The investments are expected to enable the company to continue to invest in growth opportunities.
Prime Retail Inc. (410-234-1750) is continuing to work with Lehman Brothers to close a first mortgage loan in connection with the Prime Outlets of Puerto Rico project and corporate mezzanine loan financing. The company originally expected to close on the loans by the beginning of October 2000. The proceeds from the loans will be used to repay existing indebtedness and general corporate purposes.
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