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Sources Of Financing
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Sources Of Financing Commerce Bank (888-751-9000) offers revolving construction loans, construction and interim mortgages, bridge loans, commercial lending and commercial term loans. Johnson Capital Partners of Arizona (602-957-1112) arranged $8 million in first mortgage financing to cover approximately 75.5% of the purchase price of Desert Canyon Center, a 62,500 sq.ft. neighborhood retail/office center located in Scottsdale, AZ. The center is currently 82% leased to 33 tenants ranging in size from 170 sq.ft. to 9,400 sq.ft. The loan carries a fixed interest rate of 6.15%. Cronheim Mortgage Corp. (973-635-6800) secured financing of $65.7 million for Orange Plaza, a 900,000 sq.ft. center located on Route 211 in Middletown, NY. The loan has a 10-year term and an amortization of 30 years. Tenants include Home Depot, Kohl’s, Bed Bath & Beyond, Modell’s, Famous Footwear, Marshalls, Burlington Coat Factory, Wal*Mart Supercenter, Staple, Red Lobster, Kentucky Fried Chicken, Applebee’s, Taco Bell and Chuck E. Cheese. |