|
Sources Of Financing
|
|
|
Sources Of Financing GMAC Commercial Mortgage Corp. (215-328-3842) arranged $4.725 million in fixed-rate, interim, acquisition financing for Woodmont Plaza Shopping Center, an 86,597 sq.ft. center located on McCart Avenue in Fort Worth, TX. The center is situated on a land area of approximately 10 acres. The company also arranged $4.84 million in permanent, fixed-rate acquisition financing for Avalon Town Center, a 40,354 sq.ft. center located on East Highway 377 in Granbury, TX. The mixed-use center is situated on a land area of approximately 4.5 acres. The partial two-story center houses retail, professional office and medical space, and serves as the only Class A, mixed-use retail center in Granbury.
BMC Capital (214-526-7178) arranged an acquisition loan of $700,000 for a convenience store with a gas station in Curwensville, PA. The loan has a five-year fixed rate with an amortization of 30 years and LTV of 69%.
Marcus & Millichap Capital Corp. (949-851-3030) arranged $8.279 million of debt financing on Locust Grove Village, a 108,750 sq.ft. center located on Bill Gardner Highway in Locust Grove, GA. The center is anchored by Ingles. The financing was provided through a conduit lender at a 70% LTV ratio and a 6.2% interest rate. The loan is fixed for 10 years with an amortization of 30 years.
Meridian Capital Group (212-612-0165) arranged a total of $19.18 million in financing for a refinance and two acquisitions of three Food Lion-anchored centers. The properties, totaling 215,781 sq.ft., are located throughout MD. The company negotiated rates between 5.25% and 6% over 10-year terms for three different borrowers.
Johnson Capital (949-660-1999) arranged a $14.38 million permanent loan for three retail/residential buildings with 30 apartment units and over 31,000 sq.ft. of retail located on the Birch Street Promenade in Brea, CA. Birch Street Promenade was designed as the centerpiece of the city of Brea’s $100 million revitalization project. It is a 750-foot pedestrian friendly promenade lined with retail stores, restaurants, entertainment venues and loft apartments. The company’s Arizona office (602-957-1112) also arranged a $2.2 million permanent, fixed-rate loan for the land and improvements at Vista Plaza, a center located on East Southern Avenue in Mesa, AZ. The company’s Arizona office also assisted one of its investment clients in the procurement of a $7 million mortgage to cover approximately 62% of the purchase price for a 63,002 sq.ft. unanchored retail/business center in Glendale, AZ. The project, known as Greenway Promenade, is located at the intersection of 59th Avenue and Greenway Road. The property is currently 92% occupied.
United Capital Group, LLC (248-682-6650) is seeking credit tenant lease financing opportunities on single tenant properties or ground leases, leased to investment grade tenants nationwide from $3 million and up. The loans are non-recourse, except for standard carve-outs. The company typically provides loan dollars in excess of 100% of total cost. Interest rates are fixed for the life of the loan and are determined on the basis of the tenant’s credit strength. Terms of 20, 25 and sometimes 30 years can be achieved. Term and full amortization will run coterminous with the primary lease term, resulting in the elimination of interest rate risk associated with the refinancing of a balloon at a later date as in the typical mortgage structure.
Ackman-Ziff Real Estate Group, LLC (212-994-8717) arranged a $14.75 million first mortgage for International Plaza, a 34,938 sq.ft. center, as well as a $6 million first mortgage for Royal Dane Mall, a 19,448 sq.ft. center. Both properties are located in the U.S. Virgin Islands. International Plaza is the largest shopping center in the St. Thomas capital of Charlotte Amalie. The center is located in the heart of the downtown waterfront-shopping district. The center consists of two and three-story masonry structures built around a 17-foot wide open-air plaza. Tenants include Wendy’s, Harley Davidson Restaurant and V.I. Brewing. Royal Dane Mall consists of former Danish warehouses in downtown Charlotte Amalie. The property comprises six structures between one and three stories in height, built along six-foot wide alleys running north from the harbor front toward Main Street.
|