Sources of Financing
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Sources of Financing

David Cronheim Mortgage Corp. (973-635-6800) arranged a $9.2 million permanent loan for Ocean Center located at 1331 Hooper Avenue in Toms River, NJ. The loan was placed on a self-liquidating basis for a 20-year term for the borrower, S.D.D. Inc. The property consists of a single-story retail box building occupied by a 122,600 sq.ft. Target and a 135,039 sq.ft. Lowe’s Home Improvement Center. In addition, there will be three smaller satellite buildings, one of which will be occupied by PNC Bank.

M. Robert Goldman & Co. (516-487-5100) and M. Robert Goldman & Co. of New Jersey, Inc. (973-467-5151) entered into a correspondent relationship with StanCorp Mortgage Investors, LLC. The relationship adds another financing institution to the mortgage banker’s roster of correspondent representations. StanCorp Mortgage Investors, LLC finances a range of commercial property types, including franchise restaurants, unanchored retail buildings and freestanding single-tenant retail buildings, in the range of $500,000 to $3 million. M. Robert Goldman & Co. and M. Robert Goldman & Co. of New Jersey, Inc. also entered an exclusive correspondent relationship with Woodmen of World Life Insurance Society to provide one-stop shopping for construction and permanent financing for substantially leased office, industrial and retail properties with loans ranging from $2 million to $10 million.

Martin Capital Group (270-354-6394) is offering credit-tenant lease financing of income-producing properties net leased to investment grade companies primarily rated BBB or above. Self-amortizing financing from $1.5 million to $300 million is available with a DSCR of 1.0x to 1.05x and a maximum LTV of 100%. Acceptable tenants include Cingular Wireless, Costco, Federated Department Stores, Home Depot, Kohl’s, Lowe’s, Safeway, Wal*Mart and Walgreens.

Vidco Capital (337-989-7377) is offering sources of capital for commercial real estate. The company’s programs begin with a minimum property value of $60,000. Conduit programs are available from $500,000 for income producing properties, such as shopping centers. The company also is offering credit tenant leases for tenants, such as Walgreens, Best Buy, Circuit City and Office Depot. Hard money programs also are available for short-term deals from $500,000.

Realty Funding Corp. (518-433-0922) has financing opportunities for commercial mortgages, such as 100% financing, creative financing, opportunistic financing, bank turndowns, problematic situations, time constraint problems and unseasoned or unsourced funds.

Glimcher Realty Trust (614-621-9000) completed a mortgage loan refinancing on its Southside Mall in Oneonta, NY. The $7.6 million loan was closed at an initial rate of LIBOR plus 1.95%, which results in a current interest rate of 3.81%. The net proceeds were used to pay down the company’s line of credit. The mortgage matures May 1, 2004 and includes two one-year extension options.

L.J. Melody & Co. (262-798-0678) and GMAC Commercial Mortgage Corp. (215-328-1942) arranged $26.5 million in permanent, fixed-rate financing for Kendall Mall in Miami, FL. Nationwide Life Insurance Co. provided the funding on behalf of CB Kendall Mall, Inc. The loan was structured with 10 years of interest-only payments, no funded escrows, carve-outs to the borrowing entity and rights of collateral substitution. The 279,000 sq.ft. community shopping center is anchored by Publix, Borders, Bally Total Fitness, JC Penney and Eckerd. The company also arranged $13.5 million in permanent, fixed-rate financing for the Atlantic Kernan Shops in Jacksonville, FL. PPM Finance, Inc. provided the funding on behalf of AKA Land Trust & Atlantic Land Trust. The 164,000 sq.ft. center is anchored by BJ’s Wholesale Club and Walgreens.

Cronheim Mortgage Corp. (973-635-6800) arranged $6.2 million in permanent financing for The Marketplace in Woodbury, NY. The 10-year loan has 30-year amortization. The financing was placed on behalf of the borrower, Turnwood Associates LLC. The 36,821 sq.ft. shopping center is 100% leased and tenanted by Sutton Place Gourmet, Jos. A Banks Clothier and Party City.

The Ackman Ziff Real Estate Group LLC (212-697-3333) arranged a $101.6 million refinancing of Park West Village in New York, NY, a six-block mixed-use apartment and retail complex. The refinancing was completed on behalf of a joint venture between Stellar Management and the Chetrit Group.

John Hancock Real Estate Investment Group (617-572-6409) closed a $38.5 million commercial mortgage loan on a grocery-anchored property in Gresham, OR. The 298,356 sq.ft. retail center is located at 649 Northwest 12th Street. The company arranged the financing with Holiday Fenoglio Fowler, LP on behalf of Gresham Station, LLC.

Florida Bond & Mortgage, Inc. (954-566-7485) arranged a $2.55 million permanent first mortgage loan on the Central Plaza North Shopping Center. The 73,200 sq.ft. center is located at 3201-3365 Central Avenue in St. Petersburg, FL. The financing was provided by StanCorp Mortgage Investors, LLC.