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Sources Of Financing
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Sources Of Financing Spence Hill Associates (571-641-3050) arranged construction and permanent financing of $5 million for Miller Place Commons, a center located at the intersection of Pipe Stave Hollow Road and Route 25 A in Miller Place, NY. The property is an existing 19,000 sq.ft. center that is being expanded via construction of an 11,000 sq.ft., freestanding CVS and a 2,000 sq.ft. Suffolk County Bank branch. Completion is slated for the Summer. In addition, the property features approximately four acres of additional land for future development. The loan is for 10 years at a fixed rate.
L.J. Melody & Co. (212-551-3281) The company also arranged permanent fixed-rate financing of $38 million for Cupertino Village in Cupertino, CA. The 120,000 sq.ft. center consists primarily of Asian tenants and is anchored by 99 Ranch Market. The company also arranged acquisition financing of $11.3 million for The Village at Collin Creek in Plano, TX. Terms of the financing include a 10-year loan term and an amortization of 30 years at 143 basis points over the 10-year treasury yield. The 123,000 sq.ft. center is tenanted by Recreational Factory Warehouse, Joshua’s Christian Bookstore, Cingular Wireless and Jo-Ann Fabrics. Area retail includes Collin Creek Mall, a 1.14 million sq.ft. mall anchored by Foley’s, Dillards, Sears and Mervyn’s.
Suburban Capital Markets, Inc. (301-340-2266) provided $12.5 million for refinancing of a Kentucky Fried Chicken portfolio in NY. The company originated and underwrote the loans, which were cross-collaterized and cross defaulted, and subsequently sold for securitization. The fixed-rate mortgages have 10-year maturities, with 30-year amortizations and were priced at a fixed interest rate spread over the 10-year U.S. Treasury Bond Index. The mortgages are non-recourse to the borrowing entities.
Live Oak Capital (713-993-1339) arranged financing for a West 19th Street retail center located in the Heights area of Houston, TX. The 25,000 sq.ft. center is currently 85% leased. Morgan Stanley Mortgage Capital provided a 10-year loan with an amortization of 30 years for the non-anchored center.
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