Sources of Financing
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Sources of Financing


L.J Melody & Company (412-471-9660) arranged $14.75 million in financing for the Summit Towne Centre in Erie PA. The power strip totals more than 500 000 sq.ft. and is anchored by Sam’s Wholesale Club Kmart Giant Eagle and Staples. The property is 95% leased. Lincoln National Life Insurance Company provided the financing on behalf of Summit Towne Center Inc. which is owned and managed by Baldwin Brothers Inc. and The Cafaro Company.

Northmarq Capital Inc. (972-455-4912) arranged $2.4 million in permanent financing for a 17 544 sq.ft. retail center located in the Oak Lawn area of Dallas TX.

David Cronheim Mortage Corporation (973-635-6800) arranged $15.35 million in permanent and acquisition financing for The Shops and Windsor Green in West Windsor NJ. The 154 386 sq.ft. community shopping center is situated on a 31.8-acre parcel on Route 1. The center is anchored by Pathmark and Staples. Other tenants include Pizza Hut Dunkin Donuts Haircuttery and Marty’s Shoes. The loan has a 10-year term and a 30-year amortization schedule.

Capital Lease Funding LP (212-217-6300) is offering a lease loan program for properties net leased to a credit tenant rated BBB- or better as well as some rated BB. The program features a 10-year loan structure debt service coverage as low as 1.003 x and LTV of up to 95%.

Continental Wingate Capital (800-332-0372) has loan programs available for existing neighborhood or community shopping centers in established or emerging markets with a diverse economic base. Centers with three years of stable or improving occupancy and operating performance preferred as well as anchored centers. Tenant sales history and operating performance should be at or above industry averages and upward trending. Properties should have a minimum physical occupancy rate of 85%. Available loans are seven 10 15 20 and 25-year maturity fixed rate loans. A fully amortizing loan is available for certain properties and loans typically are amortized on a 30-year schedule. The preferred loan size is more than $2 million. The maximum mortgage is the lesser of 75% to 80% of appraised value or debt service limitation of 1.20 to 1.30. The loans are nonrecourse and assumable subject to Continental Wingate Capital approval and a 1% transfer fee.