|
Sources of Financing
|
|
|
Sources of Financing L.J. Melody & Co. (305-381-6424) arranged permanent financing of $23 million for the refinancing of Point at Wellington Green, a 133,149 sq.ft. center located in Wellington Green, FL. Terms of the fixed-rate financing include a 75% LTV, 10-year term and an amortization of 30 years. The center is anchored by L.A. Fitness, 100% leased and located in an outparcel of the 1.3 million sq.ft. Mall at Wellington Green. The company also arranged financing of $24.1 million for retail properties in Strongsville, OH and Clearwater, FL. Both properties are 100% leased to Home Depot and have a net rentable area of nearly 220,000 sq.ft.
RAIT Investment Trust (914-472-7315) offers non-recourse mezzanine loans, bridge loans and permanent loans. Mezzanine loans are offered from $1 million to $30 million, and have LTV up to 90%, DSCR as low as 1.10X and three to five-year terms with options. Bridge loans are offered from $1 million to $30 million, and have LTV up to 90%, DSCR as low as 1.10X and a one to three-year term. Permanent loans are from $1 million and up and have LTV up to 80%, DSCR as low as 1.20X, 30 year amortization, a five to 10-year term.
RBS Greenwich Capital (203-625-2700) provided Maxwell Properties with a $28 million fixed-rate loan for Embry Village Shopping Center, a 220,000 sq.ft. center located at the intersection of Interstate 285 and Chamblee Tucker Road in Atlanta, GA. The center is anchored by Kroger, Eckerd, Wachovia Bank and Washington Mutual.
|