|
Sources of Financing
|
|
|
Sources of Financing Martin Capital Group (270-354-6394) offers credit tenant lease financing for single tenant retail, corporate office and industrial properties that are on a long-term, bond, NNN or NN leases to "investment grade" tenants. The company offers self-amortizing loans from $2 million to $300 million. DSCR is 1.00 to 1.05 with an LTV of up to 100% maximum. Polestar Capital Group (201-255-2251) arranges financing for multi-tenant facilities. The minimum loan amount is $2 million. DSCR is 1.00 with an LTV of 100% of tenant improvement costs. The loan is self-amortizing. L.J. Melody & Co. (212-715-5745) arranged financing totaling $11.25 million for a 69,000 sq.ft. center located in Eatontown, NJ. The center is tenanted by Bed Bath & Beyond and Circuit City. The company also arranged permanent, floating-rate financing of $42 million for the Santa Rosa Mall in Fort Walton Beach, FL. The 731,437 sq.ft. mall is anchored by Dillard’s, JCPenney, McRae’s and Sears. It is tenanted by Old Navy and over 80 specialty stores, a 350-seat food court, a carousel and two restaurants. Outparcels include a 10-screen United Artists Cinema, Vanguard Bank, Amsouth Bank and Goody’s department store. Inland Mortgage Corp. (630-218-8000) closed on an $18.6 million bridge loan for the acquisition of the 232,259 sq.ft. Midway Plaza Shopping Center in Tamarac, FL for Woolbright Midway LTD. The company was able to fund the loan at an LTC of 89% and 75% of the property’s estimated future stabilized value. The loan is for 18 months with one six-month extension. The center is anchored by a 56,985 sq.ft. Publix supermarket and was 71% occupied at closing. Woolbright Midway plans to spend more than $2 million on renovations and tenant improvements at the center, which is cotenanted by Ross ‘Dress for Less’, Blockbuster Video and Boston Market. Suburban Capital Markets, Inc. (301-998-0409) provided first mortgage loan to 8120 LLC of MD to refinance the Gateway Center in Rockville, MD. The fixed-rate mortgage has a 10-year maturity and a 30-year amortization and is priced at a fixed interest rate spread over the 10-year U.S. Treasury Bond Index. The mortgage is non-recourse to the borrower. The 30,000 sq.ft. center is 100% occupied and is located on Georgia Avenue. The property also consists of four one-store buildings and one two-story building.
|