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Sources of Financing
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Sources of FinancingL.J. Melody (858-546-4662) arranged $61 million in construction financing for Kitsap Mall, a 715,000 sq.ft. single-level regional mall anchored by Sears, Bon Marche, LaMonts, Mervyn’s and J.C. Penney, and located in Silverdale, WA. Cigna provided the financing through the company on behalf of Pacific Premier Retail Trust, a private REIT owned by the Macerich Company and the Ontario Teachers Pension Plan Board.
Northland/Marquette Capital Group (913-469-5840) arranged a $16.1 million loan for Shawnee Station Shopping Center located in Shawnee, KS through G.E. Capital Access. The borrower was THF Shawnee Station, LLC.
Love Funding Corporation (314-512-7953) offers a loan program for anchored and unanchored retail centers completed and in operation for at least one year, with properties built or substantially renovated after 1975 of particular interest. Loans range from $2 million to $25 million with LTV ratios not exceeding 80%. The minimum debt service coverage ratio is 120%. Loan terms are five, seven or 10 years, and amortizations of 15 to 30 years are available. The interest rate is set at a fixed spread over comparable term treasuries, and vary based on coverage ratio. The loans are generally non-recourse except for standard carve-outs, and are assumable for a 1% fee. Tax and insurance reserves, as well as a capital replacement and releasing cost reserve must be established. Outlet centers and single-tenant properties are also of interest.
Tri-Stone Companies (561-750-9008) offers financial advice and marketing consulting to developers, investment companies, investors and REITs who require assistance in structuring negotiating and financing projects, mergers, acquisitions or divestitures. The company offers sale/leaseback consultation, complete mortgage brokerage services, debt/equity funding for developmental projects and acquisitions, reorganizations, workouts and turnarounds. The company also offers a full range of commercial real estate brokerage services in North America and the Caribbean.
Wexford Bancgroup (312-458-4468) provided $18.5 million in debt financing for The Shops at Canal Place, a 198,887 sq.ft. center located on Conti Street in New Orleans, LA. Tenants include Saks Fifth Avenue, Gucci, Brooks Brothers and Banana Republic. The non-recourse loan consisted of a permanent fixed rate of 8.05% for a 10-year term and a 30-year amortization. The LTV ratio was 75%, while the debt service ratio was 1.25%.
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