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Sources Of Financing
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Sources Of Financing Johnson Capital Partners (949-660-1999) provided exclusive capital advisory services to Vestar Development Co. in the placement of $75.75 million in permanent mortgage for Desert Ridge Marketplace, a 1.1 million sq.ft. center in Phoenix, AZ. The financing was placed with ING Investment Management, LLC in Atlanta, GA through ING’s local correspondent, GMAC Mortgage in Phoenix. Johnson Capital Group is a real estate advisory firm specializing in real estate capital transactions, including senior debt, mezzanine capital, joint venture equity, structured debt and bridge debt.
Wells Fargo Commercial Mortgage Group (760-918-2700) provided $125 million in fixed-rate permanent debt refinancing for Memorial City Mall, a 1.7 million sq.ft. mall located in Houston, TX. The mall is anchored by Foley’s, Dillard’s, Lord & Taylor, Target, Mervyn’s and Sears. The property also includes 500,000 sq.ft. of inline space, a 13,000 sq.ft. food court and an outparcel to Olive Garden. The center also includes a full-size ice rink, a children’s play area and 90,000 sq.ft. of small shop space.
Affinity Funding (734-374-3463) offers loans from $100,000 and up on commercial and multi-family properties nationwide. The company offers adjustable and fixed, as well as fixed to adjustable combinations.
Cronheim Mortgage Corp. (973-635-6800) secured financing of $12.55 million for a 100,447 sq.ft. center located in Newark, NJ. The loan was placed with AIG, a company Cronheim Mortgage represents as correspondent and servicing agent, and has a 15-year term and an amortization of 30 years. The center is anchored by a 63,433 sq.ft. Pathmark Super Grocery Store. Of the remaining 37,000 sq.ft., 9,049 sq.ft. is contained in a satellite outparcel building. The center is currently 100% occupied by 15 tenants, including Blockbuster Video, Dollar Zone, Blimpie Subs, Valley National Bank and GNC. The property is situated on a land area of nine acres. Area demographics include a population of 45,000 within one mile.
Meridian Capital Group, LLC (212-972-3600) offers loans from $500,000 to $500 million.
Liberty Mortgage Acceptance Corp. (916-568-0100) offers commercial and income property loans with LTV of 80% for most properties, as well as mezzanine loans for higher LTV’s. The company also offers a fixed rate on “A” properties as low as 5.5%. Liberty Mortgage offers loans from $3 million to $100 million, including non-recourse loans.
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