Sources of Financing
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Sources of Financing

Zany Brainy (610-278-7800) has received US Bankruptcy Court approval for its debtor-in-possession financing agreement with Wells Fargo Retail Finance. The facility is worth $115 million and replaces the company’s previous lending package with Congress Financial and the company has put the money toward operating expenses. The company has not announced plans to close any of its 187 stores.

Lechter’s, Inc. (973-481-1100) has had its $86 million debtor-in-possession agreement with Fleet Retail Finance, Inc. and Back Bay Capital Funding approved by the U.S. bankruptcy court. The financing will allow the company to execute its strategic plan and meet its working capital needs, including the payment of all post-petition invoices and the repositioning of its business. The company filed voluntarily in late May and operates 323 stores under the Lechters and Famous Brands Housewares Outlet banners.

Florida Bond & Mortgage (727-898-6500) arranged a $5.4 million permanent first mortgage for the Rivers Edge Shopping Center in Bradenton, FL. The 61,000 sq.ft. center is located on Highway 64 and is anchored by a Publix Supermarket. The financing was provided by Southern Farm Bureau Life Insurance Company.

L.J. Melody & Company (214-346-1810) arranged $10,862,500 in financing for Renaissance Square Shopping Center in Round Rock, TX. The 183,547 sq.ft. center is anchored by the Antique Mall of Texas, Boot Town and Blockbuster Video. Commercial Capital Initiatives provided the financing on behalf of the ORDA Corporation. The company also arranged $13.6 million in financing for the 150,000 sq.ft. Lake Tapps Shopping Center in Lake Tapps, WA. Fremont Investment and Loan provided the financing on behalf of Times Equities Inc. and William Fenton Associates.

Holliday Fenoglio Fowler, LP (317-630-3191) arranged a $13.5 million acquisition loan for EIG Realty, Inc. to purchase three centers in CO, VA and WY. Financing was arranged through IDS Life Insurance Company, American Centurion Life Assurance Company and SAFECO Life Insurance Company for the acquisition of Hilltop Plaza in Virginia Beach, VA; Arvada Plaza in Arvada, CO and Cheyenne Plaza in Cheyenne, WY, respectively. The company also arranged $9.5 million in construction financing for the Park Ridge Town Center in Ronkonkoma, NY. The financing was arranged through the Bank of New York on behalf of the Park Ridge Organization.