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Sources of Financing
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Sources of Financing Carlton Advisory Services (212-545-1000) closed $43 million in financing for a nine-property, 100,000 sq.ft. retail portfolio located in the Times Square area of New York, NY. The properties included are: 729 Seventh Avenue, 1552 Broadway, 36 West 34th Street, 25-27 West 34th Street, 1372 Broadway, 701 Seventh Avenue, 987 Eighth Avenue and 991 Third Avenue. The company also arranged $30 million in bridge financing for Sharpstown Center, a 1,350,000 sq.ft. center located in Houston, TX at the intersection of Southwest Freeway and Bellaire Boulevard. The center is anchored by Foley’s and Burlington Coat Factory. Marcus & Millichap Capital Corp. (949-851-3030) arranged financing of $6.3 million for Driftwood Village, an 82,072 sq.ft. center located in Ontario, CA. The center is anchored by Food 4 Less and Sav-On and is tenanted by Payless Shoes and Jack in the Box. Financing was provided through a conduit lender at a 75% LTV. The 6.25% fixed-rate loan has a 10-year term with amortization of 28 years.The Argus Group (818-990-7200) offers rates at 7% and 1.25 points for sub-prime income property and borrowers.Wachovia Securities (713-278-4310) arranged $7.812 million for Kinderton Place Shopping Center in Bermuda Run, NC for 10 years with a Cap rate of 6% and DSCR of 1.20. Holliday Fenoglio Fowler (732-512-2300) arranged financing of $6.825 million for a 75,898 sq.ft. center anchored by A&P Supermarket in Wantage, NJ. Cohen Financial (312-346-5680) secured financing of $4.15 million for Lakewood Village, a 113,529 sq.ft. center located at 1451 Havemann Road in Celina, OH. Terms of the 10-year loan include a 30-year amortization, 80% LTV and pricing based on the 10-year Treasury Rate. The company also secured $6.6 million in debt placement for a 15,120 sq.ft. Walgreens located at the intersection of LaGrange Road and 147th Street in Orland Park, IL. Terms of the 10-year, non-recourse loan include a 30-year amortization, 80% LTV and pricing based on the 10-year Treasury Rate. Cohen also secured $6.589 million for Forest Lake Marketplace, a 93,853 sq.ft. center located at the intersection of West Broadway Avenue and Everton Avenue in Forest Lake, MN. Terms of the five-year loan include a 55% LTV and pricing based on the five-year treasury rate. |