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Sources of Financing
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Sources of Financing Integrity Financial Group (877-460-3863) provides financing for most types of properties throughout the U.S. The company’s program offers solutions for the client or property including: seller take back second mortgage to 90% CLTV, A-B-C credit, blanket mortgages, lending in the name of corporations, trusts or LLC’s and debt ratio of 55%. Mountain Funding, LLC (704-540-7400) closed a $20.7 million mezzanine loan on a portfolio of four malls totaling approximately 1,350,000 sq.ft. The portfolio includes the Memorial Mall in Sheboygan, WI; the Richmond Mall in Richmond, IN; the Mounds Mall in Anderson, IN and the Merritt Island Mall in Merritt Island, FL. The borrower, Bayview Financial Trading Group, is using the loan to fund the acquisition and repositioning of the portfolio at a total projected cost of approximately $87 million.David Cronheim Mortgage Corp. (973-635-6800) secured permanent financing of $19.7 million for Wal*Mart Plaza located at the intersection of Route 31 and Interstate 78 in Clinton, NJ. The loan was placed for a 10-year term and a 22-year amortization for the borrower, an affiliate of National Realty and Development Corp. The property is a 256,000 sq.ft. center anchored by a 116,500 sq.ft. Wal*Mart and a 59,200 sq.ft. ShopRite. Marcus & Millichap Capital Corp. (949-851-3030) arranged $4.4 million of financing on Ontario Village Shopping Center, a 39,954 sq.ft. center located at the intersection of Holt Boulevard and San Antonio Avenue in Ontario, CA. The center is anchored by Stater Bros. and Pic N Save and is tenanted by Radio Shack, Payless Shoe Source, Little Ceasar’s Pizza and El Pollo Loco. The acquisition financing was provided through a portfolio lender at a 68.75% LTV, with a 6.75% fixed rate, a 10-year term and a 25-year amortization. Tremont Realty Capital (617-867-0700) arranged non-recourse, interest-only financing of $5.117 million for a 44,700 sq.ft. retail building anchored by Equinox Fitness Center located at 1750 North Clark Street in the Lincoln Park neighborhood of Chicago, IL. The building is a three-story commercial condominium unit in the Kennelly Square Condominium complex. Inland Mortgage Corp. (630-218-8000) closed a $5.3 million bridge loan for the acquisition of the Haven Village Shopping Center, a 34,434 sq.ft. center located at the intersection of Haven Avenue and 210 Freeway in Rancho Cucamonga, CA. The company was able to loan 85% of the total cost on a non-recourse basis. The property is 83% occupied and is shadow anchored by a Von’s Supermarket.
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