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Sources Of Financing
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Sources Of Financing Fairmont Capital (212-937-6138) offers loans from $500,000 to $100 million nationwide, but primarily in the Northeast. The company offers loans on the following property types: income-producing or owner-occupied land, multi-family, underlying co-op, office buildings, retail, industrial, hospitality, land loans, construction and development, bridge/interim financing and construction with takeout. The company offers a minimum DCR of 1.05, LTV of 90%, various amortization, fixed and adjustable interest types, indexes of five or 10-year treasury, LIBOR and Prime and various and negotiable prepayment terms.
Bayview Financial (866-903-1031) offers commercial lending through commercial direct for financing for the sale of a property and financing for a replacement property; and real estate investment properties with an inventory of properties available for identification as a replacement property. The company offers a three-step exchange, with step one being the sale of a relinquished property, step two is the identification of replacement properties within 45 days and step three is the purchase of the replacement property within 180 days.
Cronheim Mortgage Corp. (973-635-6800) secured permanent financing of $21 million for Wal*Mart Plaza, a center located at the intersection of Route 513 and Interstate 78 in Clinton, NJ. The loan was placed for a 10-year term and an amortization of 22 years for the borrower, an affiliate of National Realty and Development Corp. The 261,905 sq.ft. center is anchored by a 116,560 sq.ft. Wal*Mart, a 59,200 sq.ft. ShopRite and a 27,826 sq.ft. T.J. Maxx. Cotenants include Hollywood Video, Pet Valu, Dollar Tree, Payless Shoes and Verizon Wireless. Approximately 32,800 sq.ft. of the property was a recent addition, with the construction completed early this year. This additional space was added to accommodate the T.J. Maxx, Payless Shoes and EB Games stores. Area demographics include a population of 31,866 within five miles.
Continental Real Estate Cos. (305-854-7342) is refinancing Deerwood Village Mall, a 72,000 sq.ft. center located on Baymeadows Road in Jacksonville, FL. The refinancing is $7 million for 10 years with a fixed rate. There is a significant prepayment penalty to retire the existing debt and deferred maintenance at the property.
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