Sources of Financing
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Sources of Financing

P.F. Chang’s China Bistro, Inc. (602-957-8986) placed 1.25 million shares of common stock with two large mutual fund companies. The private placement raised $40.8 million that will be used to retire debt and fund expansion of the company’s two concepts, P.F. Chang’s China Bistro and Pei Wei Asian Diner.

Robert H. Gardner Associates, Inc. (830-379-6540) is offering developer construction loans between $500,000 and $5 million. The maximum amount is the lesser of 75% LTV or 85% of total cost. Loans are offered at WSJ Prime plus 1.25 for a one year term with 25 bp extra for additional six months. Points for loans under $2 million are 2.5, over $2 million 2.25 with underwriting fees generally under $2,000 plus third-party costs.

Wellington Mortgage Capital (310-641-5711) arranged for over $33.7 million in financing for retail clients in 2000. The Beltway Plaza borrowed $11.5 million, the Trop/ Decatur Plaza borrowed $10.7 million and West Sahara Promenade took $10 million all on a fixed-rate 10-year term.