Sources of Financing
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Sources of Financing


NorthMarq Capital (913-469-5840) funded a $3.73 million loan for the Cedar Creek Mall through the NorthMarq Capital/Lehman Brothers Securitization Program. The shopping center has a net rentable area of 70,911 sq.ft. and is situated on 7.3 acres of land in Lee’s Summit, MO. The company also funded a $2.7 million loan for the Tallgrass Center through the NorthMarq Capital/Lehman Brothers Securitization Program. The shopping center has a net rentable area of 27,252 sq.ft. and is situated on 1.8 acres in Wichita, KS.

Marabella Commercial Financing (760-741-0800) is offering financing for pharmacy tenants, including Walgreens, CVS and Sav-On/Osco Drug. Highlights of the loan program include an estimated interest rate of 7.2% to 7.43%, 75% to 80% LTV, 120% to 125% DSCR and 30-year amortization for a 10-year term.

GMAC Commercial Mortgage Corp. (215-328-1942) provided a $14.64 million fixed-rate permanent financing for the 141,000 sq.ft. Towne Center in North Dartmouth, MA. The company placed a permanent mortgage on the center, which is anchored by Stop & Shop and Best Buy. The funding has 30-year amortization.

Glimcher Realty Trust (614-621-9000) completed a permanent mortgage financing for its Hocking Valley Mall community center in Lancaster, OH. The new debt consists of a $4.5 million permanent mortgage maturing in 2007 at an annual fixed rate of 6.78%. The net proceeds were used to pay down short-term debt. The 180,000 sq.ft. community center is anchored by Kroger and Kmart.

Holliday Fenoglio Fowler, LP (214-265-0880) arranged a $29.5 million financing for Somerset Shoppes, a 186,000 sq.ft. retail center in west Boca Raton, FL. The company obtained the bridge financing on behalf of Investcorp International, Inc. through Salomon Brothers Realty Corp. The center’s tenants include T.J. Maxx, Michaels, Loehmanns and Wilt Chamberlain’s Restaurant. The company also arranged a $10.7 million loan for Vineyard Marketplace, a 121,245 sq.ft. grocery-anchored center in Grapevine, TX. The 95% occupied center is located on 13.42 acres and is tenanted by Winn-Dixie, Washington Mutual, Hallmark and H&R Block. The two-building center is located at the intersection of Glade Road and Texas 121. MidFirst Bank of Oklahoma City is providing Vineyard Marketplace LP with the 10-year loan with 25-year amortization for an undisclosed fixed rate.

Cohen Financial (312-346-5680) secured $14.186 million in debt placements for four retail properties. A debt placement of $2.386 million was secured for a retail facility at the intersection of Randall Road and Christina Lane in Geneva, IL. Terms of the five-year full recourse loan include a 25-year amortization schedule and an 80% LTV. A $3.2 million construction loan was secured for a retail property tenanted by Walgreens located at the intersection of Highway 17 and Vierling Drive in Shakopee, MN. Terms of the 20-year fully amortized loan include a 75% LTV and pricing based on the 10-year U.S. Treasury Index. A $3.15 million construction loan was secured for a 660,000 sq.ft. retail property tenanted by Walgreens located at the intersection of Silver Lake Road and 37th Avenue in St. Anthony, MN. Terms of the one-month, fully amortized loan include a 100% LTV and pricing based on the three-month U.S. Treasury Index. A $5.45 million debt placement was secured for SouthRidge Square located on Army Post Road in Des Moines, IA. Terms of the 10-year nonrecourse loan include a 30-year amortization schedule, a 75% LTV and pricing based on the 10-year U.S. Treasury Index. The company also secured $10.05 million in financing for two retail properties in WI. A $1.05 million refinancing was secured for a 58,282 sq.ft. property tenanted by CSK Auto, Inc. Terms of the five-year nonrecourse loan include a 10-year amortization schedule, 75% LTV and pricing based on the 10-year U.S. Treasury Index. A $2.05 million debt placement was secured for a 15,120 sq.ft. property tenanted by Walgreens in Sheboygan, WI. Terms of the 20-year fully amortized nonrecourse loan include a 75% LTV and pricing based on the Interpolated Index. In addition, the company secured debt placements on two retail properties in FL. A $1.7 million debt placement was secured for Talwag Investments, a retail facility located on Blind Pass Road in St. Petersburg, FL. Terms of the 10-year full recourse loan include a 17-year amortization schedule, a 75% LTV and pricing based on the London Interbank Offering Rate. A $7.6 million debt placement was secured for a BJ’s Wholesale Club located at 12190 Lake Underhill Road in Orlando, FL. Terms of the 15-year fully amortized nonrecourse loan include a 75% LTV and pricing based on the 10-year U.S. Treasury Index. The company also secured $1.75 million in debt placement for a property tenanted by T.G.I. Friday’s at 1168 Galleria Boulevard in Roseville, CA. Terms of the 10-year nonrecourse loan include a 25-year amortization schedule and a 70% LTV.