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Sources Of Financing
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Sources Of Financing M. Robert Goldman & Co. (973-467-5151) arranged the $4.09 million financing of Regency Plaza a 3.17-acre 31 600 sq.ft. shopping center in Florham Park NJ. Regency Plaza LLC owns the shopping center. The transaction consisted of a $3.25 million floor loan and an additional $840 000 earnout. The 10-year loan is being used by the borrower for an expansion of the asset as well as for general capital improvements. The loan was placed with a Wall Street lender that M. Robert Goldman & Co. represents as a preferred originator. Regency Plaza’s major tenants are CVS and a FleetBoston bank branch. Additionally M. Robert Goldman & Co. and AmeritasAcacia Companies (516-487-5100) have arranged a $1.85 million loan for a 70 000 sq.ft. parcel at 80 Jericho Turnpike in Jericho NY that was ground leased to Home Depot. Marabella Commercial Finance (760-741-0800) has financing opportunities available for pharmacy tenants including Walgreens CVS Sav-On and Osco Drug. The lender’s loan program includes an estimated rate of 7% to 7.3% high leverage up to 75% to 80% LTV 120% to 125% minimum DSCR and 30-year amortization due in 10 years. Taubman Company (248-258-7367) has secured an $82.5 million fixed-rate financing deal from Bank of America for Regency Square an 826 000 sq.ft. retail complex in Richmond VA. The mortgage on Regency Square carries a 7.2% interest rate and matures in 10 years. Regency Center is anchored by Hecht’s and JCPenney. Excalibur Commercial Mortgage Company (856-983-1556) has loan opportunities available for commercial deals from $1 million. GMAC Commercial Mortgage Corp. (215-328-3383) secured $250 million in construction financing for a 1 075 000 sq.ft. retail and office complex in Boston MA. The 36-story office tower will sit atop a seven-story building with retail space and an atrium. The project is expected to be completed by the end of 2003. The three borrowers on the loan are Gale & Wentworth Morgan Stanley Real Estate Funds and the State Teachers Retirement System of Ohio.SWH Funding Corp. (201-343-3222) and Spectrum Origination LLC arranged $6 million in financing to Cedar Income Fund Partnership LP. The financing provides a portion of the funds necessary to complete the $35 million acquisition of three shopping centers two of which are in Philadelphia PA and one that is in Sewell NJ. Affinty Funding (734-374-3463) has forwards for construction loans available. The company can provide forward commitments of construction or rehab loans for U.S.-based projects. Affinity Funding also will assist with construction/rehab loans with a preferred range of $5 million to $25 million. Inland Mortgage Corporation (630-218-4927) has 100% loan to cost commercial real estate bridge loans for new construction acquisitions with repositioning and/or retenanting owners buying their debt back on short payoff extreme speed needed to capture an opportunity gap financing prior to stabilization lender note sales and partner and lease buyouts. The program offers funding of highly leveraged mortgages from $3 million to $17.5 million and is open to negotiating flexible terms on properties located nationwide. Rates are floating 1% to 3% over prime and the loan term is six months to 36 months. MortgageCap Financial (954-567-3193) has mortgage opportunities of $500 000 to $100 million available for commercial projects with rates as low as 5% or 250 basis points over three month LIBOR for five year terms and 6% for up to 10 years. The floating adjustable and fixed rate mortgages are available up to 85% LTV. In addition the company is offering 90% to 100% financing for construction of commercial developments nationwide. Loan amounts of $3 million are available as well as high leverage transactions using a combination of debt and equity capital and joint venture scenarios. For more information Email financing@att.net or Fax a summary of the project to 888-321-2366. Sanderhoff & Associates Inc. (630-629-0408) has tenant-leased property financing opportunities available. For noninvestment grade tenants the company is offering up to 90% LTV financing with a minimum loan amount of $2 million amortization term of 20/20 and 25/25 and 1.05x DSCR. The lender requires 250 to 270 interest rate spread over UST 2% vacancy 3% management fee $0.15 psf capital reserves and a borrower letter of credit. The company cites Shopko Taco Bell Farmers Market and Kohl’s as examples of noninvestment grade tenants. For investment grade tenants such as Costco FedEx Home Depot Kohl’s Lowe’s and Albertson’s the lender is offering up to 100% LTV with a minimum loan amount of $2 million. The loan has an amortization term of 10/30 1.20x DSCR and 260 to 270 interest rate spread over UST. The lender requires 2% vacancy 3% management fee $0.10 psf capital reserves and a borrower letter of credit. |