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Sources of Financing
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Sources of FinancingAlliance Capital Group (281-319-0874) specializes in arranging 100% financing for large commercial projects, providing both debt and equity in a blended loan with a minimum $10 million and no maximum.
MortgageCap Financial (212-631-4272) provides construction and long term financing for shopping centers. Debt and joint venture projects will be considered for larger projects enabling higher leverage, with a minimum loan amount of $1 million for all projects.
Prime Retail Inc. (410-234-0782) defaulted on the $20 million subordinated loan made by FBR Asset Investment Corporation which matured last month. The loan is secured by the pledge of equity interests owned by the company. FBR-AIC has advised the company that it will not extend the loan and that interest will accrue at the default rate until the loan is repaid. Prime Retail remains in discussions with FBR-AIC concerning the loan.
Tanger Factory Outlet Centers, Inc. (336-292-3010) received a $16.7 million 10-year, non-recourse permanent loan from Woodmen of the World Life Insurance Society on the company’s factory outlet centers in Blowing Rock, NC and Nags Head, NC. The loan has been used to reduce the company’s outstanding debt on its commercial lines of credit. Loan payments will be made on a 25-year amortization of a 10-year term at a fixed rate of 8.86%. The rate was set at a spread of approximately 235 basis points over the corresponding treasuries.
The Capital Resource Group (630-629-0408) offers a non-hard-money quick loan program designed for the acquisition of commercial property by developers or borrowers that seek financing to close on a property within one month or less. LTV ratios vary from 60% to 100%. Loan sizes range from $500,000 to $50 million, with terms ranging from three months to five years. All property types are considered.
Delta Financial Services (317-328-2208) represents lenders with $250 million available for immediate funding to refinance, acquire or new construction for shopping centers, restaurants and day care centers. The company arranges loans starting at $100,000. The company also has funds for accounts receivable, business loans, venture capital, hard money and working capital, and will purchase seller-held commercial firsts and seconds. No up-front fees are charged.
Cohen Financial (213-488-1640) secured $2.6 million in debt placement for a 45,000 sq.ft. shopping center located at the intersection of North Main Street and Meadow Avenue in Wharton, NJ. The loan term runs 10 years with a 30-year amortization. The lender was an international financial services firm. The company also secured a combined $24.95 million in financing for: 1) Parkmoor Plaza Shopping Center, a 149,400 sq.ft. center anchored by Flemings Food and 24 Hour Fitness and located at the intersection of Parkmoor and Meridian Avenues in San Jose, CA, and 2) a 112,760 sq.ft. shopping center anchored by Safeway and Petco, and located on West Covell Boulevard in Davis, CA. The company secured $9.45 million in acquisition financing for Parkmoor Plaza, which was provided by a financial services firm. The 10-year loan includes a 28-year amortization and a 75% LTV ratio. The company secured $15.5 million for the retail center on West Covell Boulevard. The 10-year loan carries a 30-year amortization and a 75% LTV ratio.
The Ackman-Ziff Real Estate Group LLC (212-286-4033) arranged $35 million in acquisition and permanent financing for Northstar Properties in its acquisition of a portfolio of shopping centers from Shaw’s Supermarkets. The portfolio consisted of a total of 587,000 sq.ft. and was priced at $117 million. Ackman-Ziff exclusively represents real estate owners in accessing debt and equity capital on all property types.
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