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Sources of Financing
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Sources of Financing CKE Restaurants, Inc. (805-898-4200) closed on a $100 million credit refinancing package that the company will use for expansion. The package has a two-year term, which is extendable to five years under certain circumstances. The new facility replaces an earlier arrangement that gave the company a $120 million revolving credit. CKE Restaurants, Inc. operates Carl’s Jr. and Hardee’s fast-food chains. David Cronheim Mortgage Corp. (973-635-6800) secured a permanent financing of $6.5 million for a 45,000 sq.ft. Village Hardware location at 55 Mayhill Road in Saddle Brook, NJ. The loan has a 19-year term and 19-year amortization schedule. The lease is guaranteed by Home Depot USA, Inc. The center is located on a 4.7-acre site and the siteplan allows for an additional 20,000 sq.ft. of retail space, which is located on a different tax lot and had no effect on the structuring of the subject financing.Marabella Commercial Finance, Inc. (760-741-0800) is offering permanent financing for Walgreens and CVS locations. Loans have a 10-year term with a fixed rate of 7.56% to 7.66%, 30-year amortization, maximum LTV of 75% to 80% and minimum DSCR of 120% to 125%. LaSalle Business Credit (312-904-7240), a subsidary of LaSalle Bank, formed LaSalle Retail Finance, a division specializing in asset-based lending for middle-market retailers nationwide. The unit will provide asset-oriented financing to store-based and direct-marketing retailers seeking financing for growth purposes, for refinancing or existing debt, for leveraged acquisitions and for restructuring needs that include debtor-in-possession and emergence financing. The division is based in Braintree, MA, with offices in Philadelphia, PA and Washington, DC. LaSalle Retail Finance is headed up by three former IBJ Whitehall Financial Group executives: Robert Barnhard, Barbara Anderson and Francis O’Conner. |