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Sources of Financing
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Sources of Financing L.J. Melody & Company (206-224-1693) arranged $37.5 million in financing for the Swansea Mall in Swansea MA. The 800 000 sq. ft. center is anchored by Macy’s Sears and Wal*Mart. CDC Mortgage Capital Inc. provided the financing to the Carlyle Development Group. L.J. Melody & Company also secured $71.2 million in financing for the Asheville Mall in Asheville NC. Anchors at the 406 000 sq.ft. mall include Belk Dillards JCPenney and Sears. CIGNA provided the financing for mall owner CBL & Associates. Edward T. Byrd & Company (407-206-4900) has secured a $10 million mortgage loan package for five gift shops located at Walt Disney World’s gateway entrance. The shops are located on FL State Road 192 and the long-term fixed-rate loans were provided by Union Central Insurance Company and Mutual Services Life. Phar-Mor (330-746-6641) has filed for chapter 11 bankruptcy protection. The drug store chain will close of 65 of its 139 stores as the company restructures. The 74 remaining locations each average more than $10 million in annual sales. The company has secured $135 million in debtor-in-possession financing from Fleet Retail Finance. AmeriVest (416-969-8039) offers competitive rates and structure with the availability of $600 million in credit lines. In the last two years the company provided capital for 21 retail centers. The company is a direct lender and underwriter and participates in an $800 million REIT. The company’s website can be accessed at www.amerivest.biz.Dairy Mart (330-342-6600) filed for chapter 11 bankruptcy protection but will continue to operate its 550 stores in seven states in the Midwest and Southeast. The company does not intend to layoff any of its employees. The convenience store chain filed a motion for court approval of a debtor-in-possession credit facility of up to $46 million from Foothill Capital Corporation a subsidiary of Wells Fargo & Company. Dairy Mart is seeking over $10.75 million from the facility to continue operations.Martin Capital Group (270-354-6394) is offering a 6% commercial mortgage on moderate to low leverage transactions. The rate is available on fixed-rate non-recourse loans on income producing properties. Flexible term lengths are available with 20 to 30-year amortization rates and up to 80% LTV. The program also offers a minimum debt coverage of 1.20x to 1.30 and a loan fee of .5% to 1%. The loans are assumable with a 1% fee. Free quotations are available. |