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Sources of Financing
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Sources of FinancingForest City Enterprises (216-621-6060) lost a legal bid to allow Henrico County, VA to sell $22 million in bonds to pay for infrastructure improvements needed to support the Short Pump Town Center in Richmond, VA. The improvements were to include the extension of water and sewer lines, a left turn lane, a traffic signal, parking and a plaza.
Sanderhoff & Associates (630-629-0408) has two loan programs for developers of NNN and NN-leased properties rated BBB or better. The first is a build to suit new construction loan program offering one application for construction and permanent loans. The second is a purchase of credit tenant lease for deals with a minimum of 15 to 20 years remaining. Maximum loan amounts (80% to 110%) available with debt service as low as 1.003x. Rates are based on competitive bonds figured by the credit rating of the tenant. The non-recourse loans are available for up to 100% of the property’s NOI including future rent increases with funding available in four to eight weeks. The minimum loan size is $1 million.
Amerivest (877-969-8039) provides construction, takeout, acquisition, refinance and rehabilitation loans throughout North America. The company has its headquarters in Canada and has REIT equivalent funds of $800 million. The company has closed deals on two retail centers this year.
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