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Sources Of Financing
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Sources Of Financing AFC Realty Capital (212-245-2050) arranged $20 million in financing for 280,000 sq.ft. of space in Darmouth Towne Center, a center located in North Dartmouth, MA. The space is located in three buildings at the 356,000 sq.ft. complex situated at 424 State Road Six. The refinancing loan will be used by the owners of the property, Becker Associates, to pay off existing debt. It will also reduce interest costs and amortization and consequently taxable income. The interest rates for the term is less than 5%. The fixed-rate loan was for a 15-year term. The center is anchored by Home Depot, BJ’s Wholesale Club, T.J. Maxx and OfficeMax. Cotenants include Circuit City, B. Dalton and Jo-Ann Fabrics. The property consists of four, one-story buildings and four outparcels.
L.J. Melody & Co. (858-546-4662) arranged permanent, fixed-rate financing of $30 million for Greeley Mall, an enclosed 509,000 sq.ft. regional mall located in Greeley, CO. The mall is anchored by Sears, JCPenney and Dillards. Funding was provided on behalf of the Macerich Co.
Horizon Group Properties, Inc. (312-917-4288) completed the restructuring of the second of three loans that had been in default since October 2001. The company recently paid off the loan secured by an outlet center in Gretna, NE. The company also paid off the loan secured by an outlet center in Sealy, TX. The final portion of the restructuring of the GST loans is the reinstatement to current status of the loan secured by the outlet center in Traverse City, MI.
Torreon Capital (512-472-6111) provides preferred equity and mezzanine financing for ground-up developments and value-added acquisitions for developers nationwide in the retail, industrial, office and apartment markets. Third party expenses are typically paid by the joint venture. Developer’s fees may be drawn on a pro rata basis during the construction period. The company invests in properties that cost between $10 million and $75 million or more. Depending on pre-leasing, the company provides up to 100% of the required equity for ground-up development projects, repositioning and opportunistic acquisitions.
Live Oak Capital, LTD (713-993-1339) provides the following loans: construction financing, permanent financing, bridge loans and forward commitments. The company also offers a structured financing, including joint ventures, mezzanine loans, participating mortgages, equity/partnership loans, synthetic leases, entity level financing, pre-sales and sale/leasebacks.
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