|
Sources of Financing
|
|
|
Sources of Financing MortgageCap Financial (212-631-4272) is offering 90% to 100% financing for large construction, repositioning and conversion projects nationwide. More than $10 million is available for retail projects. Competitive rates are offered for established developers with projects ready to go and fully approved by city and state zoning boards. The company also offers first mortgages and mezzanine and joint venture equity financings. MortgageCap Financing also is offering mortgages of $500,000 or more for single and multi-tenanted shopping centers that are less than investment grade and up to 80% financing for acquisition or refinancing. Also being offered by the company are construction and long-term mortgages for commercial properties, as well as jumbo first mortgages with rates as low as 5.5%. The company additionally is offering 14-day closing for hard money and bridge loans for all types of commercial projects with up to 70% LTV and special investor financing programs for commercial investment properties in the U.S. and Canada. Loan amounts range from $500,000 to $75 million. The company will consider projects under construction for its equity financing program. Financial Associate Enterprises (540-772-3888) is offering fixed or adjustable, interest only mortgages with 65% to 80% LTV for construction projects, retail properties, restaurants and hotels. Loan amounts begin at $1 million and terms vary from one to five years or 10, 15, 20 or 25 years. Interest rates usually are 10% to 18%, but can be between 7.375% and 9.5% depending on the borrower’s location. A first deed of trust is required for collateral and loan packages are accepted from direct borrowers only. Lexington Corporate Properties Trust (212-692-7260) raised $31.1 million in financing for two properties in Tampa, FL and three properties in Mechanicsburg, PA. The company obtained $14.6 million in two first mortgage financings secured by its Tampa properties. The loans bear interest at an average fixed rate of 6.91%, mature in August 2010 and require total annual payments of $1.16 million or 7.9% of the amounts borrowed. The company obtained $16.5 million in three first mortgage financings secured by the three Mechanicsburg properties. The loans bear interest at a fixed rate of 7.78%, mature in December 2011 and require total annual payments of $1.5 million or 9.1% of the amounts borrowed. Smart & Final Inc. (800-427-3443) closed on a $87.1 million, five-year synthetic lease financing secured by 18 distribution centers, warehouses and larger stores, as well as second mortgages on 72 stores in six states. In addition, the grocery chain closed a $175 million revolving line of credit secured by the inventory, accounts receivable, first mortgages on 72 stores and second mortgages on the synthetic lease properties. The deal refinanced a three-year synthetic lease financing that was coming due and expanded the company’s line of credit. The lender for the synthetic lease financing is Wells Fargo Bank NW. The revolving lenders include BMP Paribas, Harris Trust & Savings Bank, Rabobank Nederland, U.S. Bank National Association and Transamerica. Holliday Fenoglio Fowler (972-830-7312) arranged a $6.9 million financing for the 90,000 sq.ft. North Torrance Shopping Center in Torrance, CA. The fixed-rate, 10-year term loan was arranged on behalf of North Torrance Plaza, LLC through JP Morgan Mortgage Capital. The center is 100% leased and tenants include How’s Market, Sav-On Drugs, Starbucks, Ace Hardware, Blockbuster, Kragen Auto Parts and Washington Mutual Bank. |