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Sources Of Financing
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Sources Of Financing Tremont Realty Capital (617-867-0700) arranged refinancing of Maplewood Town Center, an 83,965 sq.ft. center located in Maplewood, MN. The $6.7 million, five-year, non-recourse loan provided 80% LTV with a floating interest rate. The property was 96% occupied at the time of closing. Anchors include Best Buy and Frank’s Nursery. RAIT Investment Trust (914-472-7315) offers a full-range of structured financing, including mezzanine loans, bridge loans and permanent loans. Mezzanine loans are non-recourse, up to 90% LTV with DSCR of 1.10X, fixed-rate, interest-only with three to five year terms plus options. Bridge loans are non-recourse, up to 90% LTV, DSCR of 1.10X, interest only with one to three year terms. Permanent loans are non-recourse, up to 80% LTV, DSCR of 1.20X, fixed-rate with an amortization of 30 years and five to 10-year terms.L.J. Melody & Co. (310-228-2100) arranged permanent financing of $13.575 million for Rosedale Marketplace, a 162,000 sq.ft. center located in Roseville, MN. Tenants include Toys "R" Us, JCPenney and OfficeMax. The company also arranged financing of $24 million for the acquisition of Eastern Hills Mall located in Williamsville, NY. The one million sq.ft. mall is tenanted by Sears, JCPenney and Kaufman’s.Johnson Capital (310-229-0011) arranged a fixed-rate acquisition loan of $4.4 million for Smart & Final Shopping Center, a 31,823 sq.ft. center located in Los Angeles, CA. The 10-year fixed rate loan was provided by Lehman Brothers at a rate of 5.5% and has an amortization of 30 years. The loan totaled 76% of the purchase price and 75% of the value. Smart & Final operates over 235 stores throughout the West.
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