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Sources Of Financing
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Sources Of Financing Legacy Realty Capital, Inc. (858-793-6000) specializes in providing non-institutional financing, including commercial and multi-family income properties. The company will do short and medium-term bridge financing up to $10 million.
Suburban Capital Markets, Inc. (301-340-2266) wrote a first-mortgage loan to Bay Ridge Plaza, LLC. The loan proceeds replaced an existing securitized loan secured by the Bay Ridge Plaza in Annapolis, MD. Suburban Capital Markets originated and underwrote the loan, which was subsequently sold for future securitization. The fixed-rate, non-recourse mortgage has a 10-year maturity with an amortization of 30 years priced over the 10-year U.S. Treasury bond index. Bay Ridge Plaza is a 64,309 sq.ft., multi-tenant center situated on a land area of 5.86 acres. An approximately 2.2-acre portion of the property is on a non-subordinated sub-ground-lease from a separate entity with a 25-year remaining term. Tenants include CVS, Blockbuster Video, West Marine and Subway.
M. Robert Goldman & Co., Inc. (516-487-5100) arranged $43.5 million in permanent financing for the River Plaza Shopping Center located at the intersection of West Kingsbridge Road, West 225th Street and Broadway in the Bronx, NY. The property is a joint-venture of Kingsbridge Associates and the Target Corp., which owns their 129,638 sq.ft. store within the 233,477 sq.ft. center. The balance of the center, 103,839 sq.ft., provided the security for the loan and is tenanted by Marshalls, Applebee’s, Lane Bryant and Washington Mutual. The 10-year deal was structured with Citigroup Global Markets ito enable the borrower to retire construction financing before most of the tenants took occupancy.
First Bank of Beverly Hills (800-515-1616) offers loans from $250,000 to $15 million for retail, apartment, industrial, office, self-storage and mobile home parks. Permanent loans are fully adjustable and have three, five, seven or 10-year fixed rates. The bridge to permanent includes earn-out provisions. The company also offers a conversion option, which offers low-rate adjustable with the ability to convert to fixed rate during the first two years of the loan term.
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