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Sources Of Financing
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Sources Of Financing Aries Capital, Inc. (708-488-1485) arranged a $9.842 million loan for Kiowa Village Retail Center, a 46,871 sq.ft. center located at the intersection of Power Road and Kiowa Avenue in Mesa, AZ. The center is situated on a land area of 5.16 acres. Inland Mortgage Capital Corp. funded 100% of the project and included a six-month interest reserve. Kiowa Village is currently under construction and is slated to open during early 2006. The loan has a one-year interest-only term with the option of two six-month extensions. The interest rate is prime plus 2% and the LTV was 100%.
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.
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.
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