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Sources of Financing
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Sources of Financing L.J. Melody & Co. (214-692-9111) arranged preferred equity financing of $3 million for the Skillman Abrams Shopping Center in Dallas, TX. The 136,000 sq.ft. center is anchored by Tom Thumb supermarket. The company also arranged financing of $96.710 million on a retail portfolio acquisition of 13 properties located throughout the eastern U.S. The company also has arranged permanent financing of $15.6 million for the acquisition of Catalina Center, a 153,360 sq.ft. center anchored by Marshalls and Best Buy located in Boynton Beach, FL. Terms of the fixed-rate financing include LTV of 80% for a 10-year term. Wachovia Securities (713-278-4310) arranged financing of $7.22 million for Plaza Pacifica Shopping Center in San Clemente, CA. The term is for 10 years at a rate of 5.87% with amortization of 30 years and DSCR of 1.37. Alliance Limited (713-789-7425) offers loans for a minimum of $10 million with no maximum. Interest rates vary from 1% and 1.5% to 3% above five-year LIBOR Rate averaged within five days of closing. Terms range from five to 25 years. Cohen Financial (312-346-5680) secured $28.75 million in debt placements for the following four properties in IL: $4 million for a 40,000 sq.ft. building anchored by Whole Foods in Willowbrook. Terms of the six-year, non-recourse loan include a 25-year amortization, 75% LTV and pricing based on the five-year treasury rate. The lender was a bank; $12.3 million for Yorkville Marketplace, a 98,159 sq.ft. center located at the intersection of Route 34 and Route 47 in Yorkville. Terms of the 10-year, non-recourse loan include a 30-year amortization, 75% LTV and pricing based on the 10-year treasury rate. The lender was a correspondent life insurance company; $8.45 million for Champaign Town Center, an 84,960 sq.ft. center located at 712 Town Center Boulevard in Champaign. Terms of the 10-year loan include a 30-year amortization, 80% LTV and pricing based on the Interpolated seven-year treasury rate; and $4 million for a 35,400 sq.ft. mixed-use building located at 1237-1255 South State Street in Chicago. Terms of the 18-month loan include 65% LTV and pricing based on the Prime Rate. The lender was a conduit. |