Sources Of Financing
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Sources Of Financing

GMAC Commercial Mortgage Corp. (215-328-3842) provided $25 million in permanent, fixed-rate financing for phase one of Columbus Commons, a center located at the intersection of Columbus Boulevard and Snyder Avenue in Philadelphia, PA. The center is anchored by a 315,000 sq.ft. IKEA and a 161,000 sq.ft. Lowe’s Home Improvement. Cotenants include a 30,000 sq.ft. Best Buy, a 35,000 sq.ft. Linens ‘N Things, a 12,800 sq.ft. R&S Strauss and a 10,700 sq.ft. Pier 1 Imports.

United Capital Group (248-236-9237) is seeking credit tenant lease financing opportunities on single-tenant properties or ground leases nationwide from $3 million and up. Loan term and amortization will run coterminous with the primary lease term. Tenants must be investment grade having a minimum corporate credit rating of BBB- or Baa3. Loan amounts up to 100% of value, underwritten with debt coverage as low as 1.00x are offered.

Dominion Mortgage Corp. (310-477-3041) offers single-tenant, multi-tenant, retail portfolio (anchor and non-anchor), distribution warehouse, hotel, industrial and strip center financing.

Harbor Capital Group (832-203-6662) arranged a $30.4 million floating rate loan with Archon Financial for the acquisition of The Block, an infill mixed-use property with Class A apartments and 27,984 sq.ft. of retail space located in Richardson, TX. The apartments were 70% occupied at closing, while the retail space was 10% occupied at closing.