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Sources of Financing
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Sources of Financing L.J. Melody & Co. (206-224-1670) arranged permanent financing of $20.5 million for the acquisition of 163,717 sq.ft. of retail space within the Amerige Heights Town Center, a 417,000 sq.ft. project located in Fullerton, CA. Tenants include Barnes & Noble, Linens ‘n Things, Old Navy, Pier 1 Imports and Ross Stores. Additional anchors not included in the sale consist of Target and Albertsons. The company also arranged permanent financing of $165 million for Bellevue Square, a 1.3 million sq.ft. center located in Bellevue, WA. Anchors include Nordstrom, The Bon Marche and JCPenney. The center is tenanted by Crate & Barrel, The Cheesecake Factory and the Bon Home Store. Cohen Financial (312-346-5680) secured $46.662 million in debt placements for the following three properties: The Shops at Old Orchard, a 165,514 sq.ft. center located at 9601-9747 Skokie Boulevard in Skokie, IL. The company secured $22.5 million in refinance debt placement for the borrower. Terms of the seven-year non-recourse loan include a 50% LTV and pricing based on the interpolated seven-year treasury rate; Marketplace at Six Corners, a 117,000 sq.ft. center located at the intersection of Irving Park Road and Milwaukee Avenue in Chicago, IL. The company secured $11.8 million in refinance debt. Terms of the seven-year non-recourse loan include a 55% LTV and pricing based on the seven-year treasury rate; and for Harundle Plaza, a 231,634 sq.ft. center located at 7700-7722 Ritchie Highway in Glen Burnie, MD. The company secured $12.362 million in refinance debt placement for the borrower. Terms of the seven-year non-recourse loan include a 50% LTV and pricing based on the interpolated seven-year treasury rate. Greenwich Capital (203-625-2700) financed a re-capitalization package, negotiated by Ackman-Ziff Real Estate Group (954-677-2255) for an $85 million, 36-property portfolio of retail and office space in the two million sq.ft. Central Park mixed-use development in Fredericksburg, VA. The development involves a total of 680,000 sq.ft. of office and retail space within the 240-acre site, as well as plans for an additional 400,000 sq.ft. of retail offerings. The project is slated for completion during Summer 2004. Tenants at the center include Lowe’s Home Improvement Center, Target and Wal*Mart Supercenter. |