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Sources of Financing
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Sources of Financing L.J. Melody & Company (206-224-1693) arranged $16.94 million in financing for Silverdale Plaza in Silverdale WA. The center encompasses 173 611 sq.ft. and is anchored by Safeway Rite Aid Jo Ann Etc and Staples. Nationwide Life Insurance Company provided the financing for the ownership group sponsored by Barclays Realty and Management. The Mills Corporation (703-526-5000) secured permanent financing for three projects. Morgan Stanley provided $472 million. The loans are a combination of fixed-rate permanent loans and mezzanine and variable rate loans. The funding is part of a larger capital-raising campaign that involved issuing $75 million of convertible preferred stock in April and May. Cohen Financial (312-346-5680) arranged $2.1 million in financing for the 27 000 sq.ft. Grenada Plaza in Grenada MS. The center is located on Jameson Drive and the major tenant is Walgreens. The loan has a 30-year term and is at 75% LTV. The company also arranged $1 million for a 14 640 sq.ft. retail building located on Story Road in San Jose CA. The major tenant is Rent-A-Center and the loan has a 15-year term at 50% LTV based on the seven-year U.S. Treasury index. Prime Retail Inc. (410-234-1750) secured a $18 million non-recourse first mortgage loan secured by the 298 000 sq.ft. Prime Outlets at Edinburgh in Edinburgh IN. The loan has a three-year term with amortization based on a 15-year schedule. The interest rate is determined by the six-month LIBOR plus 350 points with an 8% minimum. The center has an occupancy rate of 89.5%. The Athlete’s Foot (770-514-4500) secured a $38 million line of credit from Wells Fargo Retail Finance LLC. The loan will be used to finance the company’s expansion plan which includes 120 stores including 80 in international markets. Ames (860-257-5379) secured $75 million from Kimco Realty Corporation. The loan will be used for general corporate purposes and is secured by leasehold interests certain Ames locations. Kahala Corporation (480-443-0200) provided $220 000 in debtor-in-possession financing to Ranch*1. The loan is an emergency advance under a larger $2.5 million debtor-in-possession loan agreement in bankruptcy court. Ranch*1 a 51-unit quick-serve restaurant chain specializing in chicken filed for bankruptcy protection on July 3. Kahala Corporation operates Surf City Squeeze Frullati Cafe & Bakery Rollerz and Tahi Mana.
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