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Sources of Financing
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Sources of Financing L.J. Melody & Co. (847-518-2350) closed a $28,596,000 three property loan that involved a 202,000 sq.ft. grocery-anchored shopping center in Chicago, IL; a 185,000 sq.ft., 13-floor office building in Salt Lake City, UT and a 197,000 sq.ft. nine-floor office building in Bloomington, MN. The company also closed a $62 million financing for a 300,000 sq.ft. shopping center and 73,000 sq.ft. office building in Bakersfield, CA; a 286,000 sq.ft. industrial property in Kenilworth, NJ and a 174,000 sq.ft. office building in Raleigh, NC. Jacobson Stores Inc. (517-764-6400) received final approval for a one-year secured debtor-in-possession revolving credit facility of up to $100 million from the bankruptcy court overseeing its Chapter 11 reorganization. The facility, which will be administered by Fleet Retail Finance Inc., will be used to purchase merchandise and maintain essential business operations pursuant to the company’s business plan. Jacobson Stores Inc. operates 18 specialty stores in FL, IN, KS, KY and MI. Holliday Fenoglio Fowler LP (713-852-3500) secured $5.5 million in financing for Hong Kong Plaza, a 120,000 sq.ft. retail center located in Rowland Heights, CA. The adjustable-rate, five-year loan was arranged on behalf of Lazben Investments through Preferred Bank. The center is anchored by Hong Kong Market. The company also arranged $38.5 million in financing for the 297,100 sq.ft. Gresham Station in Gresham, OR. The fixed-rate, five-year term loan was arranged on behalf of a joint venture between Center Oak Properties, LLC and Oaktree Capital Management, LLC through John Hancock Life Insurance Co. The center is tenanted by Cost Plus World Market, Gap, Old Navy, Bed Bath & Beyond, Borders and Quality Food Centers, Inc. The company additionally arranged a $22 million financing for two retail properties in Austin, TX. The properties, owned by SMP Interests, include Gateway Market, a 201,155 sq.ft. retail center and Gateway Courtyard, a two-level, 41,377 sq.ft. companion development. Gateway Market is 97% leased and anchored by Whole Foods Market, Best Buy, Linens ‘n Things and Old Navy. Gateway Courtyard is 100% leased and anchored by Mezzaluna restaurant, Relax the Back and Smith & Hawkens. Wexford Bancgroup (212-643-6190) is offering small loan programs for retail and mixed-use properties from $500,000 to $3.5 million at fixed rates comparable with the U.S. Treasury. Terms are five, seven, 10, 15, 20 and 25 years with minimum DSCR of 1.20 and maximum LTVs up to 75% for refinancings and up to 80% of loan to purchase price for acquisitions. |