|
Sources of Financing
|
|
|
Sources of Financing Holliday Fenoglio Fowler, LP (214-265-0880) arranged a $14.7 million loan for a freestanding property in Paramus, NJ that currently is occupied by BJ’s Wholesale Club. The loan, which was provided by John Hancock Life Insurance, carries a 12.5-year term. The David Cronheim Mortgage Corp. (973-635-6800) is offering three financing programs for properties leased to Walgreens. A high-leverage 100% financing program is available with up to 100% leverage for NN and NNN leases. The company only finances self-liquidating loans and offers 1.01 DSCR for NNN leases and 1.05 DSCR for NN leases. A 275 spread is available for NNN leases and a 285 spread is available for NN leases. The company also is offering 10-year financing with 30-year amortization for double net and triple net leases. The maximum leverage is 80% and the rate is 235 basis points over the 10-year treasury with a DSCR of 1.3. Also available are low leverage Walgreens loans, such as self-liquidating and balloon programs. Flexible escrows and negotiable loan documents are available for the Life Company program. Capital Needs Network (818-247-1093) is offering 90% commercial loans from $100,000 to $5 million for single-use, mixed-use, market, restaurant, car wash and gas station properties. Loans are available for purchases, refinancing, expansion, construction, remodeling and business and equipment purchases. The 25-year, fully amortized loans have an LTV of up to 90% of the total project cost, including purchase price, remodeling, fixtures, equipment and loan costs. Liberty Mortgage Acceptance Corp. (916-568-0100) is offering fixed commercial real estate loans from $3 million to $50 million. Loans are nonrecourse with a 1% assumption fee and have a 10-year term with 30-year amortization. For anchored retail properties, the fixed-rate spread over the 10-year U.S. Treasury is 180 to 235 with DSCR of 1.2 and LTV of 80%. For unanchored retail properties, the fixed-rate spread over the 10-year U.S. Treasury is 225-285 with DSCR of 1.3 and LTV of 75%. The company also offers bridge, mezzanine and preferred equity loans. L.J. Melody & Co. (770-522-4950) arranged a $15.35 million permanent, fixed-rate financing for Cox Creek Centre in Florence, AL. Nomura Credit & Capital, Inc. provided the funding on behalf of Florence/BVT Cox Creek Associates, LLP. The 174,000 sq.ft. center is 100% leased and tenanted by Linens ‘n Things, Best Buy, Pier 1 Imports and Dick’s Sporting Goods. Florida Bond & Mortgage, Inc. (727-898-6500) arranged a $4.3 million permanent first mortgage loan on the 40,800 sq.ft. Oceanway Shopping Center at 418 Starratt Road in Jacksonville, FL. The financing was provided by Southern Farm Bureau Life Insurance Co. Harris Note Investors LLC (773-734-5164) is offering 100% LTV financing throughout the U.S., Canada and the Caribbean for commercial real estate projects, including shopping centers. Credit enhancement and funding commitments of $10 million to $100 million are available. Other bridge and hard money programs are available. |