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Sources of Financing
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Sources of Financing Capital Lease Funding (212-217-6336) provides both long-term, self-amortizing credit tenant loans and shorter-term, 10-year CTL financing. The 10-year CTL program provides full CTL leverage with DSCR as low as 1.003 and LTV of up to 95%. Under the 10-year structure, borrowers are able to finance the majority of properties net leased to a credit tenant rated BBB-or better, as well as some tenants rated BB or BB+. In addition, the program enables borrowers with shorter term leases to obtain CTL loans and thereby receive proceeds approaching that of a 20-year self-amortizing loan. Liberty Mortgage Acceptance Corp. (916-568-0100) arranges financing for multifamily, anchored and unanchored retail, office, industrial/warehouse, limited service and full-service hotels. The company offers loans from $3 million to $50 million with an amortization of 30 years. Preferred terms are for 10 years with standard carveouts. DSCR ranges from 1.20 to 1.50 with LTV from 65% to 80% based on the 10-year US Treasury Rate. The company also offers bridge and mezzanine and preferred equity loans, which float over LIBOR, and may provide up to 90% financing with terms up to five years.David Cronheim Mortgage Corp. (973-635-6800) provided financing for the following properties: $20.5 million for the Hadley Shopping Center in South Plainfield, NJ; $5 million for a center on Route 22 East in Watchung, NJ; $6.2 million for The Marketplace in Woodbury, NY; $15.35 million for Shops at Windsor Green in West Windsor, NJ; $37.5 million for Northampton Crossings in Easton, PA; $9.2 million for Ocean Center in Toms River, NJ; $1.6 million for Huntington Station in Huntington Station, NY; $5.795 million for Oak Hill Plaza in Richmond, VA; $8.8 million for a center at 33-51 Main Street in Westport, CT and $6.5 million for Home Depot in Saddle Brook, NJ.Dominion Mortgage Corp. (310-477-3041 in CA or 800-477-3012 outside CA) provides low, fixed or variable-rate long-term financing from $500,000 for multi-family, retail, industrial, office, flagged hotels, healthcare properties, parking garages, mixed-use and self storage sites.Wachovia Securities (713-278-4310) arranged financing of $45 million for The Crossings at Smithfield in Smithfield, RI for a rate of 6.62% and a DSCR or 1.25. The term is for 10 years with an amortization of three years. The company also arranged financing of $6.157 million for Woodland Hills Village in Woodland Hills, CA for a rate of 7% and a DSCR of 1.35. The term is for 10 years with amortization of three years. Holliday Fenoglio Fowler (214-265-0880) arranged financing of $23 million for Citiview Centre, a 351,900 sq.ft. center located at 4600 Bryant Irving Road in Fort Worth, TX. The term is for 10 years. The center is 93% leased and is tenanted by Tom Thumb, Academy Sports and Loews Cinema. Cohen Financial (312-346-5680) arranged financing of $13.85 million for a 163,878 sq.ft. center located at 300 South Iowa Street in Marion, KS. The center is anchored by Kmart. Marabella Commercial Finance, Inc. (760-741-0800) offers Walgreen/CVS permanent financing with a fixed rate of 6.05% to 6.30%, an amortization of 30 years, a term of 10 years, LTV of 75% to 80% and a DSCR of 120% to 125%. The company also offers Eckerd drug permanent financing with a fixed rate of 6.55% to 6.80%, an amortization of 25 to 30 years, a term of 10 years, LTV of 75% and a DSCR of 125%. M. Robert Goldman & Co., Inc. (516-487-5100) arranged financing of $2.4 million for a 31,240 sq.ft. expansion of Hempstead Village Commons, a 67,470 sq.ft. center located in Hempstead, NY. |