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Sources of Financing
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Sources of Financing Meridian Capital Group, LLC (212-612-0165) arranged $13 million for the refinancing of 114-116 East 1st Street and 208-210 East 7th Street in New York, NY. The company negotiated a rate of 5.918% over a five-year, interest-only term. The multi-family properties contain 58 units and five retail spaces. David Cronheim Mortgage Corp. (973-635-6800) secured financing of $12 million for Wading River Shopping Center, a 99,118 sq.ft. project in Wading River, NY. The loan carries a five-year term, amortized over 30 years at an interest of 4.97%. The center is anchored by King Kullen and CVS with 16 inline tenants. Ackman-Ziff Real Estate Group, LLC (212-697-3333) arranged $114 million in debt financing for a seven-acre land parcel in New York, NY. In addition, Ackman-Ziff arranged $75 million in debt financing for properties totaling more than 1.1 million sq.ft. with $17.45 million in equity located in various states. Metrick Commercial Finance (847-272-3306) offers financing nationwide for commercial, mixed-use or apartment properties. The company offers adjustable rate and fixed rate loan programs up to $25 million for commercial properties and $35 million for multi-family properties. Amortization is up to 30 years. American Realty Advisors (818-409-3280) provided mortgage financing for St. Johns Town Center North in Jacksonville, FL. The 98,900 sq.ft. community shopping center is located at the intersection of Interstate 295 and J. Turner Butler Boulevard, adjacent to St. Johns Town Center, a mixed-use development. Capmark Finance, Inc. (215-328-3842) arranged $2.6 million in permanent, fixed-rate refinancing for the Shoppes of Hebron in Hebron, KY. The company arranged the transaction for the borrower, Shoppes of Hebron, LLC. JP Morgan funded the loan, at an 80% LTV with a 10-year term. The first two years of the loan are interest-only and amortization for the remainder of the term is based on a 30-year schedule. The strip center is 100% occupied and unanchored with a GLA of 17,341 sq.ft. The company also arranged $3.75 million in permanent, fixed-rate refinancing for Park Plaza, a strip center in Cincinnati, OH. Capmark arranged the transaction for the borrower, TZG III, LLC. Century Financing Funding, LLC (954-267-9899) offers various mortgage services for acquisitions or to refinance office buildings, warehouses, shopping centers, mini-storage facilities, multi-family properties, office condominiums and retail and mixed-use properties. The company’s rates start at 6.5% and it also offers long term fixed rates. Century Financing Funding also offers rehabilitation and construction financing, as well as mezzanine or bridge financing and SBA financing. The company will pre-qualify applicants in 48 hours.
Tulepan Management, LLC (954-603-0455), on behalf of the Roberts Organization, arranged the financing of Westview Shoppes in Coral Springs, FL. The company, representing the owner, Westview Shoppes FLA, LLC, received long-term fixed-rate permanent financing from CountryWide Financial. Meridian Capital represented CountryWide Financial. The former Albertson’s was subdivided and is occupied now by Office Depot and Laser Fun Zone. Cohen Financial (415-397-2200) secured a $13.5 million acquisition loan for West Valley Properties, Inc. to acquire South Valley Plaza. The 118,961 sq.ft. neighborhood shopping center is located in Gilroy, CA at the intersection of Highway 101 and 10th Street. Kragan Automotive, Guitar Center and D-Fashion Mart anchor the center. The fixed-rate, non-recourse, 10-year loan is structured with a five-year period of interest-only payments, followed by a 30-year amortization period and based on a 71% loan-to-value ratio. BMC Capital, LP (214-526-7178) provided $1.9 in financing for White Rock Plaza Shopping Center, a two-tenant 50,000 sq.ft. site in Dallas, TX on Garland Road. The company originated an 85% combined loan-to-value mortgage with a five-year fixed rate. The site was sold by Dallas East Center, Ltd. to Lovejoy Enterprises, Inc. |