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Sources of Financing
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Sources of Financing Glimcher Realty Trust (614-621-9000) completed refinancing of its East Pointe Plaza center located in Columbia, SC. The 274,208 sq.ft. center is anchored by Wal*Mart. The debt consists of an $8.475 million mortgage maturing in 2005 that bears interest at a rate of LIBOR, plus 2.50% resulting in an initial rate of 4.34%. Holliday Fenoglio Fowler (561-241-6500) arranged financing of $64 million for Belz Factory Outlet World, a 640,000 sq.ft. center located at the intersection of Oak Ridge Road and International Drive in Orlando, FL. The fixed-rate financing has a loan term of seven years. The center is anchored by Tommy Hilfiger, Reebok and Nike.NorthMarq Capital, Inc. (913-469-5840) arranged financing of $7.2 million for Heritage Square Shopping Center with John Hancock Life Insurance Co. The 83,872 sq.ft. center sits on a land area of 9.23 acres and is located at the intersection of 151st Street and Mur-Len Road in Olathe, KS. The company also arranged financing of $23.8 million for the Northridge Plaza Shopping Center. The 209,288 sq.ft. center sits on a land area of 24.21 acres and also is located in Olathe, KS. Cohen Financial (312-346-5680) secured financing for the following properties: $1.775 million for the 23,500 sq.ft., OfficeMax location at 260 East Rollins Road in Round Lake Beach, IL. Terms of the five-year loan with recourse include an amortization of 25 years, 75% LTV and pricing based on the five-year U.S. Treasury Rate; $3.655 million for the 57,888 sq.ft. Hairston Crossing located at 2075 South Hairston Crossing in Decatur, GA. Terms of the seven-year, non-recourse loan include an LTV of 55% and pricing based on the 10-year U.S. Treasury Rate; $3.88 million for the 33,342 sq.ft., Circuit City location at 701 Touhy Avenue in Niles, IL. Terms of the five-year loan include an amortization of 25 years and an LTV of 75%; and $2.472 million for the 58,455 sq.ft. Richton Park Plaza located at the intersection of Governors Highway and Sauk Trail in Richton Park, IL. Terms of the five-year loan include an amortization of 25 years with an LTV of 75%.Wellington Mortgage Capital (310-641-5711) arranged the permanent financing of $23.122 million for Craig Marketplace, a 153,174 sq.ft. Albertsons and Savon-anchored center located in Las Vegas, NV. The loan is for a term of 10 years with an amortization of 30 years and a fixed rate of 6.99%.
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