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Sources Of Financing
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Sources Of FinancingAFC Realty Capital (212-245-2050) has arranged for $3.5 million in permanent financing for the 26,000 sq.ft. Hamilton Square in Waldwick, NJ. The loan was placed with a 10-year term and an amortization period of 30 years. The building’s tenants include NY Golf, All Seasons and AT&T Wireless.
Northgate Funding Company (518-464-4448) offers 100% financing in limited situations on a case by case basis. Programs are available from $100,000 and above. The most common 100% programs are debt and equity plans with a minimum value of eight to $10 million. These programs involve all costs and may include an interest reserve. Programs for smaller projects include buy-outs and 100% mortgages with third-party buyers for motivated sellers. All principals must have good credit and financials with documentation. Borrowers are expected to put up a 1% application fee that is bonded and returned at closing.
Highwoods Properties, Inc. (919-875-6605) has closed on a $300 million unsecured revolving credit facility involving 10 banks. Banc of America Securities arranged and syndicated the facility which matures in December 2003 and replaces the company’s existing $450 million facility.
Aries Capital (312-642-0100) arranged $3.55 million in financing for Lenoir Marketplace in Lenoir, NC. The loan has a 10-year term and a 30-year amortization with an 80% loan-to-value ratio. The 54,892 sq.ft. center is anchored by Winn-Dixie and is 100% occupied.
Sterling Partners Capital LLC (203-256-9068) provides short-term and interim loans from $500,000 to $20 million. The nationwide firm specializes in repositionings, conversions, construction completion, rehabilitation and bankruptcy. The company has funded shopping centers, mini-marts, fitness facilities and mixed-use properties.
Prime Retail (410-234-1750) has completed a major refinancing of its assets that included the sale of four properties. The transactions netted the company $174 million in proceeds. Chelsea GCA Realty bought outlet centers in Gilroy, CA; Michigan City, IN; Waterloo, NY and Kittery, ME, totaling 1.5 million sq.ft. of leasable space. The company also took out a $90 million mezzanine loan from the Fortress Investment Fund LLC and Greenwich Capital Financial Products, Inc. The interest rate is based on one-month LIBOR plus 950 basis points. The deal included mortgage agreements on their Hagerstown, MD and Puerto Rico centers. |