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Sources of Financing
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Sources of Financing Wachovia Securities (713-278-4310) provided financing of $13.5 million for Midway Shopping Center in Wilmington, DE. The 10-year term has an amortization of 30 years and a rate of 5.40% with a DSCR of 2.18. GMAC Commercial Mortgage (215-328-3383) arranged fixed-rate permanent refinancing of $9.52 million for Broad Creek Crossing Shopping Center located at 1209-1241 West Military Highway in Norfolk, VA. Phase II has a total of 110,612 sq.ft. of space and is situated on a land area of 23.91 acres. There is 50,000 sq.ft. of space that can be built on an existing parcel. Liberty Mortgage Acceptance Corp. (916-568-0100) offers fixed commercial real estate loan pricing for multifamily, anchored and unanchored retail, office, industrial/warehouse and limited and full-service hotels. The loans are offered at DSCR ranging from 1.20 to 1.50 with LTV of 65% to 80%. The company offers loans ranging from $3 million to $50 million with amortization up to 30 years. Terms of 10 years are preferred. The company also offers floating rate programs, as well as bridge and mezzanine and preferred equity loans which float over LIBOR. |