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Sources Of Financing
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Sources Of Financing BMC Capital (214-526-7178) provides funds for acquisitions, construction, refinances, renovation and owner-occupied SBA. The company provides loan LTVs up to 75% and terms up to 25 years with non-recourse and recourse options. There are low or no pre-pay penalties, assumable financing and construction loans. The company offers loans from $500,000 to $10 million.
GMAC Commercial Mortgage Corp. (215-328-3383) arranged $6.727 million in permanent, fixed-rate financing for a CVS-anchored shopping center located at 2302-2326 61st Street in Galveston, TX. The 18,013 sq.ft. center is situated on a land area of 1.6959 acres. The company also provided $2.13 million in permanent, fixed-rate acquisition financing for Crown Pointe Shopping Center, a 32,809 sq.ft. center located on Culebra Road. The center is situated on a land area of 3.22 acres and is currently 86 percent leased. The center is anchored by Frost Bank and Dollar General. The company also arranged $1.5 million in permanent, fixed-rate financing for El Dorado Square, a center located on El Dorado Boulevard in Webster, TX.
Cronheim Mortgage Corp. (973-635-6800) secured financing of $12.55 million for a 100,044 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.
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.
Bison Financial (727-289-4400) closed on a $1.75 million loan to refinance existing higher interest rate mortgage debt on a 38,300 sq.ft. Fort Myers, FL neighborhood retail strip center. Tenants include a 25,300 sq.ft. telemarketing call center and a mix of mom & pop local businesses.
Cornerstone Capital (614-761-3812) provided permanent financing through a 144a private placement of $142 million secured by real estate located throughout the U.S. and leased to Walgreen Co.
The Madison Group (435-785-8350) offers the following loan types: hard money, commercial refinance, acquisition, construction, rehab/renovation, land development, bridge/mezzanine and SBA/USDA for apartment buildings, mixed-use centers, commercial office buildings, strip centers, industrial/warehouse locations, automotive shops, hotels/motels/bed and breakfast, land development, anchored and unanchored retail, mini-storage and golf courses and marinas. Commercial loans vary from $500,000 and up, while hard money loans go from $250,000 and up.
The Argus Group (800-339-9910) is an equity-based lender and mortgage broker specializing in southern CA. The company funds up to 70% LTV on future value for construction and rehab and up to 75% LTV on as-is value and focuses on commercial, industrial, mixed-use, apartments, one-four units and zoned lots. The company does permanent, gap, bridge and mezzanine loans. |