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Sources Of Financing
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Sources Of Financing Marabella Commercial Finance Inc. (760-741-0800/760-803-6464) arranged a $3.85 million loan for a Walgreens location. The 10-year loan has a fixed-rate of 7.35%, 78% LTV and 30-year amortization. The loan has a fee of 1% and is assumable for 1% plus cost. The loan was completed in 53 days. Craig Michael’s International (718-745-1181) has funding available for developers in Brooklyn and New York, NY. Financing opportunities are available for new construction, redevelopment, rehabilitation and improvements. The preferred minimum loan value is $500,000, however the company will consider loans as low as $100,000. The company also helps with the arrangement of completion bonds and forward commitments. The Argus Group (818-990-7200) is offering loans on commercial properties in southern CA. Rates and fees vary according to the deal, but the company will lend as low as 9% and as high as 21%. Points are between two and five and the standard is three. Loans are available between $50,000 and $1 million as a direct lender. The company will lend up to $2.5 million, but only as a broker. City Heights Retail Village LLC (619-220-7094) obtained a $14.5 million loan for a 10-year term for the 108,706 sq.ft. City Heights Retail Village located at the intersection of University and Fairmont Avenues in San Diego, CA. The permanent financing was received from the Teachers Insurance & Annuity Association. The 95% leased center is anchored by a 66,167 sq.ft. Albertson’s and other tenants include Washington Mutual, Blockbuster, Denny’s, McDonald’s, Starbucks, Subway, Kragen Auto Parts, Cingular Wireless and Papa John’s Pizza. About 5,000 sq.ft. is available for lease.Realty Funding Corp. (518-433-0922) is offering commercial mortgages of more than $100,000. The company specializes in creative financing, 100% financing, opportunistic financing, problematic situations and bank turndowns.L.J. Melody & Co. (212-715-5745) arranged a $12.4 million fixed-rate financing for the 235,000 sq.ft. Seekonk Plaza Shopping Center in Seekonk, MA. The power center is tenanted by Staples, Odd Lots, Circuit City, Sports Authority and Pier 1 Imports. Salomon Smith Barney provided the funding on behalf of Time Equities, Inc. GMAC Commercial Mortgage Corp. (215-328-3383) arranged a $15 million fixed-rate permanent financing for the Sunrise Mall, a retail center located at the intersection of Sunrise Boulevard and Greenback Lane in Citrus Heights, CA. The 1,261,547 sq.ft. project has 114 tenants and is anchored by Express, Lane Bryant, Gap, Anchor Blue, Albertson’s, Red Robin and US Bank. Freestanding stores at the mall include JCPenney, Macy’s Men’s, Macy’s Woman and Sears. The loan, provided by Nationwide Life Insurance, is structured as three three-year terms. The company also arranged a $600,000 fixed-rate financing for the 10,055 sq.ft. Carrott Louetta Shopping Center located at 5020 Louetta Road in Spring, TX. Carrott Louetta Corner, Ltd. received the funding with a 25-year amortization, which was arranged through StanCorp Mortgage Investors. In addition, GMAC Commercial Mortgage Corp. arranged a $2.1 million fixed-rate permanent financing for the 56,839 sq.ft. Fairmont Plaza in Fairmont, MN. The center is located on 5.27 acres at 907 South State Street and is occupied by one anchor tenant. Multi-Center Investments, LP received the funding with a 15-year amortization through a transaction with IDS/American Express. |