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Sources of Financing
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Sources of Financing Wellington Mortgage Capital (310-641-5711) arranged two financings in NV and one in TX. A $4.36 million high leverage bridge/acquisition financing was arranged for the acquisition and renovation of the 48,100 sq.ft. Cinema Eight Center strip center in Las Vegas, NV. The center was acquired at about 10% Cap rate ($3 million/$62.37 psf) on the existing occupancy of 46%. The buyer intends to convert the former theater and has renamed the center the Desert Inn Pecos Center and leased 60% of the space to a career college. The loan, which has a term of 18 months plus extensions, was made at a interest rate of prime plus 1 1/2% with a loan to cost of 94% of total costs. The lender charged a loan origination fee of 5% and there is no equity participation, shared profits or exit fees with the loan. The company also arranged a $3 million fixed-rate permanent loan for a Walgreens in Odessa, TX. The loan has a 7.46% fixed interest rate for 10 years with an LTV of 75%. Cohen Financial (713-626-7490) secured $11 million in debt placement for the Woodland Commons Shopping Center located at 480 West Half Day Road in Buffalo Grove, IL. Terms of the seven-year loan include an eight-year amortization schedule, a 75% LTV ratio and pricing based on the U.S. Treasury Index.L.J. Melody & Company (617-262-0400) arranged a $10.1 million financing for the 136,000 sq.ft. Durgin Square shopping center in Portsmouth, NH. Major tenants of the 100% leased center include a Shaw’s supermarket, T.J. Maxx and OfficeMax. Advantus Capital Management provided the funding on behalf of C.W. Companies, Inc. The company also arranged a $15 million financing for the R.K. Centre in Marlborough, MA. Major tenants of the 100% leased center include Victory Super Market, OfficeMax and Fashion Bug. Allstate Life Insurance provided the funding on behalf of Raanan Katz. L.J. Melody & Company also arranged a $12.5 million financing for Heritage Mall in Albany, OR, The 300,000 sq.ft. mall is anchored by Sears, Ross ‘Dress For Less’ and Emporium. Salomon provided the funding on behalf of Heritage Mall Associates, LLC. Holliday Fengolio Fowler (561-241-6500) arranged two 18-year, fixed-rate loans for properties in FL. The company secured a $2.3 million financing for HD, Midway, LLC’s acquisition of a 13,095 sq.ft. property occupied by Walgreens on U.S. Highway 1 in Fort Pierce, FL. The company also arranged a $1.35 million financing for Andrews & Copans Gas & Oil, Inc.’s purchase of a 13,095 sq.ft. property occupied by Walgreens at 8625 Stirling Road in Cooper City, FL. Nationwide Life Insurance Company provided the loans. |