|
Sources of Financing
|
|
|
Sources of Financing Martin Capital Group (270-354-6394) seeks lending opportunities on bonded and NNN-leased with S&P-rated corporate tenants with "A" ratings and above. The loan amounts begin at $20 million and have no maximum. Portfolio deals are encouraged. The loan terms are self-amortizing and set up in 15/15 and 20/20 structures. LTV up to 100% is available with a 1.00x debt service coverage. All programs are non-recourse with standard carve-outs and assumable. Rates start at 7.8% for retail properties. Craig Williams is directing this program. AMI Capital (301-654-0033) arranged $6 million in refinancing for the 117 256 sq.ft. Manzanita Plaza in Tucson AZ. The loan has a 7.46% rate and a 10-year term. The LTV is 73% and the loan has a debt service coverage of 1.28. GMAC Commercial Mortgage (215-328-3383) arranged $2 million in refinancing for the 31 978 sq.ft. Spanish Oaks Center in Spring TX. The loan has a fixed rate and is amortized over 22 years. The center is located on Interstate 45. The company has also arranged $9 million in fixed-rate financing for Powder Mill Square in Greenville DE. The 58 175 sq.ft. mixed-use center is situated on 3.81 acres located on Route 52 and has an occupancy rate of 95%. L.J. Melody & Company (858-546-4662) arranged $96 million in financing for the 1.1 million sq.ft. Pacific View Mall in Ventura CA. Cigna Investments Inc. provided the financing for The Macerich Company. The center is anchored by Macy’s Robinson-May Sears JC Penney and Circuit City. Mazel Stores Inc. (908-222-1000) signed a $70 million three-year senior revolving credit facility with IBJ Whitehall Retail Finance a division of IBJ Whitehall Financial Group. The company operates 79 stores in CT DE KY MI NJ NY PA and OH under the brands Odd Job Odd Job Stores and Mazel’s. The facility will be applied to the company’s long and short term growth goals. Prime Retail Inc. (410-234-0782) completed refinancing on the Prime Outlets at Birch Run in Birch Run MI. The new first mortgage loan has an aggregate principal amount of $63 million and has a 10-year term with a 25-year amortization schedule. The rate is fixed at 8.12%. Greenwich Capital Financial Products Inc. provided the financing. Silo Financial (212-308-6300) seeks lending opportunities for bridge loans of over $200 000. The company is a direct lender with 10-day closing schedules and protects brokers. The company web site is www.silo-financial.com.
|