Sources of Financing
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Sources of Financing


Cornerstone Capital Partners Corp. (614-761-3812) provided financing of $142 million with 7.14% pass-through certificates due 2027 backed by credit leases with Walgreen Co. The company also acquired $150 million worth of real estate in a sale and leaseback with Walgreen Co.

GMAC Commercial Mortgage (215-328-1942) arranged $3.8 million in fixed-rate permanent financing for a retail center located on Sunrise Highway in Baldwin, Long Island, NY. The 24,600 sq.ft. building is 100% leased to Petco and AutoZone.

Holliday Fenoglio Fowler (617-338-0990) arranged financing of $52.5 million for The Crossing at Smithfield, a 588,294 sq.ft. center located at the intersection of Interstate 295 and U.S. Highway 44 in Smithfield, RI. The property is 100% leased and is tenanted by Home Depot, Kohl’s and Target.

Edward T. Byrd & Co. (407-206-8103) arranged financing of $6.5 million for Grand Oaks Village, a 51,000 sq.ft. center located at the intersection of Dr. Phillips Boulevard and Conroy-Windermere Road in Orlando, FL. The center is tenanted by Fresh Market and Stonewood Grill.

Legg Mason Real Estate Services (215-496-3000) arranged a first mortgage loan of $3.85 million for Cypress Creek, a 75,100 sq.ft. center located in Sun City, FL. The financing was based on a five-year term with an amortization of 30 years.

Cohen Financial (312-346-5680) arranged financing of $25.15 million in debt placements for properties in GA, IL and MI. The first property, Townes Crossing Retail Center, is a 105,665 sq.ft. center located at the intersection of Route 30 and Douglas Road in Oswego, IL. The company secured $6 million for the seven-year, non-recourse loan, which includes LTV of 50%. The second property, Rogers Plaza, is a 320,000 sq.ft. center located on 29th Street in Wyoming, MI. The company secured $14 million for the two-year, non-recourse loan, which includes an amortization of eight years, LTV of 75% and pricing based on the one-month LIBOR. The third property, Sharon Greens, is a 160,930 sq.ft. center located at the intersection of Peachtree Parkway and Sharon Road in Cumming, GA. The company secured $7.15 million for the seven-year, non-recourse loan, which includes LTV of 50% and pricing based on the seven-year US Treasury Rate.