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Sources of Financing
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Sources of FinancingCaptec Net Lease Realty, Inc. (734-994-5505) secured a nine-month extension to its existing credit facility. The rates range from LIBOR plus 2.25% to LIBOR plus 2.5% depending on the LTV and increase in the last three months of the facility by an additional 50 basis points. The company reduced its facility with First Union National Bank from $125 million to $105 million. The Great Atlantic & Pacific Tea Company, Inc. (201-505-3000) sold nine properties and took long term leases in sale-leaseback transactions that netted the company $88 million in cash proceeds. The properties were sold to affiliates of the Cardinal Capital Properties, Inc. The Mills Corporation (703-526-5000) arranged refinancing through Morgan Stanley Dean Witter for $355 million in non-recourse permanent financing on the company’s Potomac Mills and Gurnee Mills projects. The new financing package has a 10-year term at a fixed rate of 7.46% and an effective interest rate of 7.84% after prepayment fees. The replacement deal netted the company $68 million. Glimcher Realty Trust (614-621-9000) has obtained new mortgages on two properties in OH to replace higher-rate bridge and construction loans. The company has secured $5.95 million on the 145,111 sq.ft. East Pointe Plaza in Marysville, OH. The loan has a 10-year term at a 7.25% fixed rate on the center anchored by Wal*Mart. The company also received $7.55 million on the 151,242 sq.ft. Meadowview Square Shopping Center in Kent/Ravenna, OH. The loan has a 10-year term at a 7.25% fixed rate on the center which is also anchored by Wal*Mart. Wexford Bancgroup (312-332-4380) has begun a single-tenant loan program for non-credit or below investment grade tenants. The program has a minimum loan amount of $500,000 and a LTV of up to 75%. Debt service coverage may be as low as 1.05% for owner-occupants and 1.15% for qualified tenants. The loans typically have 10-year terms and a 25-year amortization periods. Tenants must have long term leases and an established history of profitability with a minimum of $25 million in sales for an owner-occupant and $50 million for a non-owner tenant. Single tenant grocery stores and retail buildings will be considered. Holliday Fenoglio Fowler, LP (502-426-3348) has arranged permanent financing on behalf of Hogan Development Company for Cane Run Place in Louisville, KY. The 59,000 sq.ft. center is anchored by Subway, Winn-Dixie, Blockbuster Video, Kentucky Farm Bureau Insurance, Simply Fashion and Chinese Express. The amount of the financing through Allstate Life Insurance Company was not disclosed. The company also arranged financing for the 15,000 sq.ft. Waller Shops in Louisville, KY. The fully-occupied center is anchored by Heitzman Bakery, First American Cash, Bell South Mobility, Tan Now, Fantastic Sam’s, Ranstad, Mattress Firm and Hewitt Tax Services. Loews Cineplex Entertainment (212-833-6160) has been granted interim approval for $146 million in debtor-in-possession financing from a bank group led by Bankers Trust Company. The company filed for chapter 11 bankruptcy protection and will likely be sold to the Onex Corporation along with Oaktree Capital Management LLC and Pacific Capital Group, Inc.
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