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Sources of Financing
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Sources of Financing Progress Realty Advisors, Inc. (732-389-9701) arranged a permanent loan of $1.875 million on a retail and apartment building in Point Pleasant, NJ. The company also arranged a $3.15 million permanent mortgage on a 32,150 sq.ft. retail and pad site in Branchburg, NJ. In addition, a $4 million permanent mortgage was arranged by the company for a 24,000 sq.ft. CVS and medical office in Hunterdon, NJ. The company also offers commercial permanent loan rates from 6.75% with LIBOR and Prime based pricing for commercial and residential construction. Nonrecouse financing also is available. Holliday Fenoglio Fowler, LP (713-852-3500) arranged $13.3 million in permanent financing for Plainfield Commons, a 173,000 sq.ft. center anchored by Kohl’s and Old Navy and located in Indianapolis, IN. The company arranged the fixed-rate, 20-year loan on behalf of Plainfield Commons II, LLC through J.P. Morgan Mortgage Capital. The company also arranged a $4.75 million financing for Addison Place North located in the Boca Raton/Delray Beach area of FL. The 24,000 sq.ft. center is 100% leased and anchored by Starbucks and Crown Liquor. The 10-year, fixed-rate loan was arranged through Lehman Brothers Bank, FSB. GMAC Commercial Mortgage Corp. (215-328-1942) arranged $5.1 million in fixed-rate refinancing for the 66,769 sq.ft. Broad Creek Crossing Shopping Center located on 13.25 acres in Norfolk, VA. Broad Creek PHJ. I, LLC received the funding with 30-year amortization through Salomon Smith Barney. L.J. Melody & Co. (203-335-7788) arranged $10.5 million in permanent financing for the Black Rock Shopping Center in Fairfield, CT. The 99,519 sq.ft. center is anchored by Old Navy and Gap. Bear Stearns provided the 10-year loan on behalf of Sun Realty Associates, LLC. |