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Sources of Financing
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Sources of Financing Cornerstone Funding Corp. (614-761-2900) is making seven day floating rate funding available to finance commercial real estate (construction and permanent), senior term financing, acquisition financing, capital expenditure financing, equipment financing, corporate headquarters, warehouse/distribution facilities, multi-family housing and health care facilities. The average seven day note rate during the last 10 years has been 5.7%, excluding annual letter of credit and program fees. The Macerich Co. (310-394-6000) is refinancing the Chandler Fashion Center in Santa Monica, CA. The loan of $184 million has a fixed interest rate of 5.48% and matures in October 2012. The 1.3 million sq.ft. mall is anchored by Dillard’s, Nordstrom, Robinson-May and Sears. Capital Lease Funding (212-217-6300) offers 10-year credit tenant lease financing. The company offers LTV up to 95%, leases as short as 13 years financed, bonds, NNN and NN leases and competitive credit lease financing. Kennedy Funding (201-342-8500) has capital resources for loans from $1 million to $300 million. Closings are possible in a matter of two weeks with a two-day loan commitment. Loans are available for land procurement, construction, renovation, bankruptcies, foreclosures and bank workouts. Holliday Fenoglio Fowler (713-852-3500) arranged $76 million in financing for Bay Street, a 400,000 sq.ft. retail development in Emeryville, CA. The project is located in the San Francisco Bay area at the eastern end of the Bay Bridge. The project will feature two districts; a multilevel entertainment block wrapped around an interior plaza in the southern block, and a main street retail boulevard in the northern block. The center will be cotenanted by Gap, AMC Cinemas, Old Navy, and Pottery Barn. L.J. Melody & Co. (415-772-0137) arranged permanent financing in the amount of $10.5 million for Parkway Plaza Shopping Center in Petaluma, CA. The 79,000 sq.ft. center is anchored by G&G Supermarket. Salomon provided the funding on behalf of G&W/Parkway Plaza LLC. Bison Financial Group, Inc. (727-289-4400) closed a $2,512,500 bridge loan to acquire a 56,500 sq.ft. strip center in Dallas, TX. The center is cotenanted by Dollar General and Ci-Ci’s Pizza. Draper & Kramer (312-654-8900) secured a $31.5 million construction take-out loan for Renaissance Place, a 220,000 sq.ft. mixed-use development located in Highland Park, IL. The loan is fixed at 5.9% for 10 years. |