Sources Of Financing
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Sources Of Financing

L.J. Melody & Co. (713-787-1900) arranged permanent financing of $70 million for Acadiana Mall in Lafayette, LA. The one million sq.ft. regional mall is anchored by Foley’s, Dillard’s, Sears and JCPenney and includes over 300,000 sq.ft. of inline space. Cigna Investments, Inc. provided the funding on behalf of Robert B. Aikens & Associates. The company maintains a loan servicing portfolio with nearly 8,000 loans totaling $59 billion.

Carlton Advisory Services (212-545-1000) arranged a $7 million loan to refinance an approximate 200,000 sq.ft. center located in Pleasantville, NJ. The center is anchored by an 80,000 sq.ft. Big Kmart and is located at the intersection of Black Horse Pike and Devins Lane. The site has an average daily traffic count of 30,000 vehicles. The center is tenanted by the United States Postal Service, the Pleasantville Charter School for Academic Excellence and One Price Clothing Stores. The company has consummated in excess of $12 billion of transactions since 1988.

Cohen Financial (312-346-5680) secured $19.725 million in debt placements for two retail properties: The first property, LaGrange Crossing, is a 67,809 sq.ft. center located at the intersection of Route 34 and LaGrange Road in LaGrange, IL. The company secured $14.25 million refinance debt placement for the borrower. Terms of the 10-year, non-recourse loan include an amortization of 30 years, 80% LTV and pricing based on the 10-year U.S. Treasury plus 10-year Swap Spread. The second property is a 26,192 sq.ft. Osco-anchored neighborhood retail property located at the intersection of Crawford and Devon Streets in Lincolnwood, IL. The company secured $5.475 million in debt placement for the borrower. Terms of the 10-year, non-recourse loan include an amortization of 25 years, 75% LTV and pricing based on the 10-year U.S. Treasury rate of 5.95% with a spread of 2%.

GMAC Commercial Mortgage Corp. (215-328-1942) arranged permanent financing of $55 million for Wrangleboro Consumer Square, an 843,000 sq.ft. center located in Atlantic City, NJ. The center is adjacent to Hamilton Mall and Atlantic City Racecourse. The property was constructed in phases from 1996 to this year. The company provides a variety of financing products and services, including permanent, interim, mezzanine and construction lending as well as equity capital.