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Sources of Financing
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Sources of FinancingCastle Mortgage (724-728-3212) is offering commercial real estate financing for perspective and current property owners. The company has no application or upfront fees and features fast approvals. More information is available at the company web site www.castlemtge.com. Marabella Commercial Finance (760-741-0800) arranged a $2.66 million first mortgage for a CVS Pharmacy and an $860,000 mortgage for a 7-Eleven. The CVS loan was at 80% LTV and has a minimum DSCR of 120%. The 10-year term loan was closed at a 7.54% rate (225 points over the 10-year Treasury) and has an amortization term of 30 years. The 7-Eleven deal has a minimum DSCR of 115% at a rate of 8.2% locked at time of application. The loan has a 15-year term and an amortization term of 20 years. The company specializes in CVS and 7-Eleven deals as well as other NNN properties. L.J. Melody (617-262-0400) arranged $12 million in financing for 62 on the Park in Boston, MA. The financing was provided by New South Federal Savings Bank on behalf of New England Realty Associates. The 12-story building features ground floor retail spaces. Oaktree Capital Management, LLP (213-830-6300) and the Anschutz Corporation have a definitive agreement with Edwards Theater Circuit, Inc. for a recapitaliztion of the 59-unit theater chain. Edwards Theaters filed a voluntary petition for chapter 11 bankruptcy protection in August 2000. This transaction should allow the company to emerge from bankruptcy.Regional Financial Resources (856-983-4800) is a direct lender for land, land improvement, construction, bridge financing, rehabilitation, equity and permanent financing for commercial properties. The company recently provided acquisition and rehabilitation financing for various mixed-use properties in Monmouth County, NJ in the amount of $1,283,600. Ira C. Weiss, LLC (718-761-9111) is offering ten-year non-recourse financing with no obligation by the borrower until pre-approval by the financial institution. The minimum loan amount is $2 million at a rate 225 to 275 basis points above the 10-year Treasury bill with a 20 to 25 year amortization rate. The maximum loan value is 75% of the total value of the property with coverage of 1.3 to 1.5 and one to two points. Galway Financial Group (203-869-3334) has been formed by co-founders of Highland Financial Group and Boston American Financial Group and will partner with brokerage arm Galway Capital LLC. The company will offer leveraged credit net leased financings through private placement and principal transactions, construction and permanent loan placements, equity investment properties, equity funding and 1031 exchange executions. Martin Capital Group (270-354-6394) is offering financing for properties tenanted by Walgreen’s. The company provides fixed-rate, self-amortizing, non-recourse loans on single tenant properties with investment grade corporate tenants with an S&P rating of BBB- or better. The loan amounts are available up to $2 million and rates are coterminous with the remaining lease term, with a 15 year minimum. The program features an LTV up to 100% and DSCR of 1.00x to 1.05x with unlimited assumability. More information is available on the company’s web site at www.martin-capital.com/ctl/.
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