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Sources of Financing
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Sources of Financing Legg Mason Real Estate Services (215-496-3000) arranged financing of $1.3 million for the 5,000 sq.ft. Circle Diner located in Latham, NY. Financing was based on a 10-year term with an amortization of 10 years. GMAC Commercial Mortgage (215-328-3383) provided fixed-rate permanent financing of $17.85 million for Cambridge Crossing Shopping Center located at the intersection of Dearborn Circle and Briggs Road on Route 38 in Mount Laurel, NJ. The 106,000 sq.ft. center is situated on a land area of 13 acres and is tenanted by Zagara’s Supermarket, Borders and Ann Taylor Loft. Glimcher Realty Trust (614-621-9000) secured permanent financing for Polaris Fashion Place located in Columbus, OH. The new debt consists of a 10-year, $150 million non-recourse note at a fixed interest rate of 5.24% and a 30-year principal amortization. The 1.6 million sq.ft. regional mall includes seven anchor stores. Monroe & Giordano (813-229-5055) arranged financing for Avon Square Shopping Center, a 116,014 sq.ft. center located in Avon Park, FL. Cohen Financial (312-346-5680) recently secured $20.412 million in debt placements for the following three retail properties: Harundale Plaza, a 231,634 sq.ft. supermarket-anchored center located at 770-7722 Ritchie Highway in Glen Burnie, MD. Cohen 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; Arbor Pointe Commons, a 65,156 sq.ft. center located at the intersection of Concord Boulevard and Broderick Boulevard in Inver Grove Heights, MN. Cohen secured $5.15 million in refinance debt placement for the borrower. Terms of the seven-year, non-recourse loan include a 75% LTV and pricing based on the seven-year U.S. Treasury Rate; and a Bi-Lo Center, a 59,204 sq.ft. supermarket-anchored center located at 1149 York Street in Aiken, SC. The company secured $2.9 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. The Bison Financial Team (727-289-4400) closed on a $665,000 bridge loan to acquire a Winn-Dixie-anchored center in St. Petersburg, FL. The Winn-Dixie is owned separately and is not part of the lender’s collateral. Bison represented the borrower, a California investment group, that acquired the property using proceeds from a 1031 exchange involving multiple partnership entities. |