Sources of Financing
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Sources of Financing

Affinity Funding (734-374-3463) has bridge loan programs available for properties in the continental US. The loans range in size from $2 million to $25 million at a rate of 12% for a term of two years. Fees include a four point origination fee and a two point termination fee. Program A targets strong borrowers and offers LTV up to 90%. These loans are designed for transition properties new acquisition funding conversions and rehabs. Program B is for weaker borrowers and is designed for paying off loans in default and immediate cash needs.

Fred’s Inc. (901-365-8880) plans to offer 1.5 million shares of the company and use the revenues to pay down its long-term debt reduce its debt on its revolving line of credit and accelerate its discount store and pharmacy growth. The company operates 400 stores primarily in the southeastern states.

Glimcher Realty Trust (614-621-9000) completed the refinancing of the maturing $40 million mortgage secured by Northtown Mall in Blaine MN. The new loan is an interest-only $40 million mortgage with an initial maturity date in August 2003 and has a rate of LIBOR plus 350 basis points an initial rate of 7.08%. The loan that was paid had a rate of 7.01%.

GMAC Commercial Mortgage (215-328-3383) arranged $5.3 million in fixed-rate permanent financing for Lindale Crossing Shopping Center in Cedar Rapids IA. The center is anchored by Bed Bath & Beyond and is located at the intersection of Collins Road and First Avenue. The transaction was arranged through Morgan Stanley. GMAC also arranged a $115 million portfolio loan for General Growth Properties Inc. The loan has a 10-year term and a 30-year amortization period. The loan is secured by three properties: Gateway Mall an 815 970 sq.ft. center in Eugene-Springfield OR; Capital Mall a 491 000 sq.ft. center in Jefferson City MO and Greenwood Mall an 847 500 sq.ft. center in Bowling Green KY.

IBJ Whitehall Retail Finance (212-858-2557) arranged a $25 million revolving line of credit for Bonus Stores Inc. trading as Bill’s Dollar Stores at 407 stores in the southeastern states. Bonus Stores Inc. purchased the assets of Bill’s Dollar Stores in a bankruptcy settlement from earlier this year. The proceeds will be used accelerate store expansion.